Beachbody (NASDAQ:BODI) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded Beachbody (NASDAQ: BODI) from a "hold" to a "strong-buy" rating, joining other bullish calls such as Craig Hallum's "buy" with a $15 target and Canaccord's raised $12 target.
• Analyst sentiment is mixed but tilted positive: one Strong Buy, three Buy, one Hold and one Sell yield a MarketBeat consensus of "Moderate Buy" with a consensus target price of $11.33.
• Beachbody is a small-cap (~$82.95M market capitalization) with a negative P/E, recent institutional buying, and high institutional ownership (~74.5%), while the stock trades near its 52-week high ($11.70 vs $12.66 high).

Beachbody (NASDAQ:BODI - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts have also weighed in on the company. Craig Hallum began coverage on Beachbody in a research note on Monday, March 2nd. They issued a "buy" rating and a $15.00 price objective for the company. Canaccord Genuity Group lifted their target price on Beachbody from $9.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, March 10th. Wall Street Zen raised Beachbody from a "buy" rating to a "strong-buy" rating in a report on Saturday, March 14th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beachbody in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $11.33.

Beachbody Trading Down 0.3%

Shares of BODI stock opened at $11.70 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.63 and a current ratio of 0.74. The stock has a fifty day simple moving average of $9.71 and a two-hundred day simple moving average of $8.26. The firm has a market capitalization of $82.95 million, a PE ratio of -24.89 and a beta of 1.15. Beachbody has a 52-week low of $3.38 and a 52-week high of $12.66.

Institutional Investors Weigh In On Beachbody

Several large investors have recently added to or reduced their stakes in the stock. Bard Associates Inc. purchased a new stake in Beachbody during the fourth quarter valued at approximately $32,000. Cruiser Capital Advisors LLC purchased a new stake in Beachbody during the 3rd quarter valued at $117,000. Jane Street Group LLC bought a new stake in Beachbody in the fourth quarter worth $140,000. State Street Corp purchased a new position in Beachbody during the fourth quarter worth $166,000. Finally, Geode Capital Management LLC increased its position in Beachbody by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 32,503 shares of the company's stock valued at $337,000 after acquiring an additional 1,125 shares during the last quarter. 74.48% of the stock is owned by institutional investors.

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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