Beachbody (NASDAQ:BODI) Downgraded by Wall Street Zen to "Buy"

Key Points

• Wall Street Zen downgraded Beachbody from “strong-buy” to “buy,” while the overall analyst picture remains mixed with a consensus rating of “Moderate Buy” and a $17.00 price target.
• Recent analyst actions have been split: Zacks upgraded the stock to “strong-buy,” Craig Hallum and Canaccord Genuity kept bullish ratings, while Weiss Ratings reiterated a “sell (d-)” view.
• Beachbody’s stock opened at $13.61, near its 52-week high of $16.87, and the company currently has a market cap of about $97.7 million.

Beachbody (NASDAQ:BODI - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

Several other research analysts have also recently commented on BODI. Zacks Research upgraded shares of Beachbody from a "hold" rating to a "strong-buy" rating in a report on Monday, March 16th. Craig Hallum began coverage on shares of Beachbody in a report on Monday, March 2nd. They issued a "buy" rating and a $15.00 target price for the company. Canaccord Genuity Group raised their target price on shares of Beachbody from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Beachbody in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Beachbody Stock Performance

NASDAQ:BODI opened at $13.61 on Friday. Beachbody has a twelve month low of $3.38 and a twelve month high of $16.87. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $11.36 and a 200-day moving average of $9.82. The firm has a market cap of $97.72 million, a price-to-earnings ratio of -28.96 and a beta of 1.11.

Hedge Funds Weigh In On Beachbody

A number of institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Beachbody by 54.0% in the fourth quarter. Renaissance Technologies LLC now owns 52,769 shares of the company's stock valued at $547,000 after purchasing an additional 18,505 shares during the period. Geode Capital Management LLC raised its position in shares of Beachbody by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 32,503 shares of the company's stock valued at $337,000 after purchasing an additional 1,125 shares during the period. Evernest Financial Advisors LLC bought a new position in shares of Beachbody in the first quarter valued at approximately $316,000. Cruiser Capital Advisors LLC bought a new position in shares of Beachbody in the third quarter valued at approximately $117,000. Finally, State Street Corp bought a new position in shares of Beachbody in the fourth quarter valued at approximately $166,000. Institutional investors own 74.48% of the company's stock.

About Beachbody

Beachbody is a consumer-oriented health and fitness company based in Santa Monica, California. Founded in 1998 by Carl Daikeler and Jon Congdon, the company originally gained prominence through at-home workout programs distributed on DVD. Over time, Beachbody has transitioned much of its content delivery to a subscription-based digital platform, offering on-demand streaming of exercise routines, meal plans and wellness coaching.

The company’s portfolio includes a range of branded fitness programs—such as P90X, Insanity, 21 Day Fix and Body Beast—alongside nutrition and supplement products marketed under the Beachbody Nutrition brand.

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