Beachbody (NASDAQ:BODI) Upgraded to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Beachbody (NASDAQ: BODI) from a "buy" to a "strong-buy" in a note to investors issued Saturday.
• Analyst coverage is mixed — three Buy, two Hold and one Sell — leaving the consensus rating at "Hold" with an average price target of $11.33.
• Shares opened at $10.56, giving Beachbody a market cap of about $74.9 million, a negative P/E of -1.70, a 1-year range of $3.38–$12.66, and roughly 74% ownership by institutional investors.

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

Other research analysts also recently issued research reports about the company. Zacks Research downgraded Beachbody from a "strong-buy" rating to a "hold" rating in a report on Monday, February 9th. Craig Hallum started coverage on Beachbody in a research report on Monday, March 2nd. They set a "buy" rating and a $15.00 price target on the stock. Canaccord Genuity Group upped their price target on Beachbody from $9.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Beachbody in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.33.

Beachbody Trading Down 1.7%

Shares of BODI opened at $10.56 on Friday. Beachbody has a 1-year low of $3.38 and a 1-year high of $12.66. The firm has a market capitalization of $74.87 million, a price-to-earnings ratio of -1.70 and a beta of 1.15. The firm's 50-day moving average price is $9.63 and its 200-day moving average price is $8.12. The company has a current ratio of 0.74, a quick ratio of 0.53 and a debt-to-equity ratio of 0.72.

Institutional Investors Weigh In On Beachbody

A number of institutional investors have recently modified their holdings of BODI. Renaissance Technologies LLC raised its position in shares of Beachbody by 54.0% in the 4th quarter. Renaissance Technologies LLC now owns 52,769 shares of the company's stock worth $547,000 after purchasing an additional 18,505 shares during the last quarter. Geode Capital Management LLC grew its position in Beachbody by 3.6% during the 4th 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 last quarter. State Street Corp purchased a new stake in Beachbody during the 4th quarter valued at about $166,000. Jane Street Group LLC bought a new stake in Beachbody during the 4th quarter valued at about $140,000. Finally, Cruiser Capital Advisors LLC purchased a new stake in shares of Beachbody during the third quarter valued at approximately $117,000. 74.48% of the stock is owned by hedge funds and other 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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