Some stocks that skyrocket run out of rocket fuel quickly, then plummet back to Earth and destroy a lot of shareholder value. Others are merely getting started on a much longer growth story. In my view, freelance services specialist Fiverr International (FVRR -0.96%) falls in the second category, and I would strongly recommend putting this growth stock in your portfolio right away. Sure, its stock price has grown sixfold in 2020, but Fiverr is still staring down miles and miles of pristine runway toward much larger gains.

What does Fiverr do?

The Israel-based company has been around for more than a decade, but only joined the public market in the summer of 2019, and just hit center stage this year.

The company's services help freelancers in more than 200 categories find gigs. Or, looking at the flip side of the same coin, it helps potential customers find freelancers to perform a wide variety of tasks. As the company's name suggests, each small gig used to pay $5, but many freelancers offering their services through Fiverr now charge a lot more than that.

Unsurprisingly, Fiverr is making money hand over fist in this era of COVID-19 lockdowns and work-from-home policies. In the second quarter, its sales rose 82% year over year, and earnings before interest, taxes, depreciation, and amortization (EBITDA) landed on the positive side of breakeven -- three years ahead of management's long-term profitability plans.

A businessman stands on the race track's starting line with rocket engines strapped to his back.

Image source: Getty Images.

Why this isn't a bubble stock

I think it would be a mistake to write Fiverr's recent success off as a coronavirus-powered fluke with no staying power. The company is treating this early windfall as an opportunity to accelerate its longer-term growth plan in several ways.

On the buyers' side of the freelancing equation, Fiverr is increasing its marketing, and plans to launch some new services over the next couple of years.

"We will become a working hub for teams inside companies and businesses to collaborate with external resources integrated into their day-to-day workflow," CEO Micha Kaufman said in August on the second-quarter earnings call.

For the freelancers, Fiverr wants to become a partner for agencies and consultants. On that note, the company recently launched Fiverr Business in a beta version, providing a platform through which businesses can deliver third-party services to other companies.

"This is going to be a long-term investment for us, and we are just at the very beginning," Kaufman said.

Fiverr is a no-brainer buy

All things considered, Fiverr looks to be standing on the threshold of an epic growth period that should turn this small-cap upstart into a unique vendor of business services. With $139 million in trailing revenues, the company is attacking an addressable talent market worth at least $100 billion a year in the U.S. alone, and its ambitions are already global.

This is no flash in the pan. Fiverr is just getting started on an exciting journey of long-term growth.