Many of my favorite stocks are soaring so high that I hesitate to buy them at today's overheated prices. At the same time, some fantastic companies have seen their stock prices plunge in recent weeks -- for all the wrong reasons.

In particular, I'm itching to add more shares to my stake in Fiverr International (NYSE:FVRR). Let me show you why.

What's so great about Fiverr?

Fiverr is a crucial component of the so-called gig economy, where people rely on freelance gigs to boost their ordinary income or replace their day jobs entirely. This was a thriving market before the COVID-19 pandemic rolled in, and the health crisis gave the gig economy a further boost.

As a leading name in connecting freelancers to people or companies in need of their services, Fiverr's business is booming. Street-stomping sales jumped 90% year over year in the fourth quarter.

Investors paid close attention as Fiverr's market position strengthened in 2020. At the start of this month, Fiverr's shares had gained 820% in 52 weeks. The company planned to take advantage of the skyrocketing stock price with a $700 million stock offering, but the stock sale was announced on a day of positive coronavirus news and a marketwide retreat from high-flying tech stocks. Fiverr's stock fell 19% in two days and the stock offering was canceled.

A smiling young woman is grabbing hundred-dollar bills floating in the air around her.

Image source: Getty Images.

It's time to take action

The stock trades 33% below February's all-time highs today, and I think the company is a great deal at these prices.

Fiverr's growth story has only just begun. The company is planning a global expansion while broadening the collection of freelancer services on offer through its cloud-based marketplace. Insiders own more than 14% of the stock, which aligns the interests of Fiverr's leaders with what's best for ordinary shareholders. All things considered, Fiverr's $190 million of annual sales are barely a rounding error in a domestic market worth $100 billion a year -- and a much larger global opportunity.

That's why I can't wait to pick up some more Fiverr shares. I just have to take a break from telling you about it, due to The Fool's ironclad disclosure policy. Meanwhile, you can do your own due diligence and maybe grab some Fiverr stock at this generous discount.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.