The Freelancer (ASX:FLN) share price is soaring 8% today

Freelancer Ltd (ASX: FLN) shares are soaring today, but with no news having been released by the company, ASX watchers might be wondering why. At the time of writing, the Freelancer share price is up 8.29%, trading at $1.11.

Today’s gains add to the company’s colossal share price growth this week. So far, it’s risen more than 19% since Monday morning.

While the company has been silent today, both it and others in its field have had a number of updates recently. The Freelancer share price also passed a significant milestone yesterday.

Let’s take a closer look. 

Recent update 

The latest news from the company was released yesterday, leading the Freelancer share price to close 6% higher than the previous session.

Yesterday, Freelancer shared that one of its divisions, Escrow.com, has partnered with eBay.

Escrow is a payment service that, in the instance of purchases on eBay, holds a buyer’s funds until a purchased item is received by the buyer in acceptable condition. When the item is received and accepted, Escrow releases the funds to the seller.

The payment service will be accessible to eBay customers buying luxury watches for at least US$10,000.

According to eBay, it is one of the largest luxury watch market places in the world. Since eBay launched its Authenticity Guarantee service in September, it has sold more than 7,000 luxury watches, each worth more than US$10,000.

Airtasker shares also jumping

Interestingly for Freelancer shares, the Airtasker Ltd (ASX: ART) share price is also on the rise today.

Similar businesses, like Airtasker and Freelancer, which are both marketplaces for the outsourcing of skills, can sometimes trend in tandem with each other.

At the time of writing, Airtasker shares are up 7.03%, trading at $1.37 apiece.

Airtasker’s gains today come following the release of its third-quarter results, which dropped this morning.

The Freelancer share price also received a boost after the company released its own third-quarter results last week.

Milestone closing price

In other recent news, the Freelancer share price reached a coveted milestone late yesterday. For the first time since early 2018, the company’s shares closed higher than the $1 mark, ending the day at $1.025. 

Some market watchers believe that when a share price reaches a psychological milestone such as this, it is representative of it breaking through a certain level of investor resistance. Whether or not this is true, and it translates into further gains for Freelancer shares, remains to be seen. 

Freelancer share price snapshot

The Freelancer share price has been performing well on the ASX so far this year.

Currently, it’s up by around 120% year to date. It’s also up by around 180% over the last 12 months.

With a market capitalisation of around $463 million, Freelancer has approximately 451 million shares outstanding. Of these, its CEO holds more than 40%.

More reading

• Here’s why the Airtasker (ASX:ART) share price is shooting 12% higher
• ASX stock of the day: Freelancer (ASX:FLN) shares shoot higher
• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Could Airbnb’s trademark dispute threaten the Airtasker (ASX:ART) share price?
• 2 ASX shares that this leading fund manager thinks are buys

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends eBay and recommends the following options: short June 2021 $65 calls on eBay. The Motley Fool Australia has recommended Freelancer Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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