Canaccord Genuity Group Increases Beachbody (NASDAQ:BODI) Price Target to $12.00

Key Points

• Canaccord Genuity raised its price target on Beachbody to $12.00 from $9.00 and kept a "buy" rating, implying roughly a 48.7% upside from the stock's previous close.
• Analyst views remain mixed — the consensus rating is a "Hold" with an average target of $11.33 (3 Buys, 2 Holds, 1 Sell) — while the stock trades at $8.07 with a market cap of $57.22M and a negative P/E, reflecting unprofitable operations and weak liquidity metrics.

Beachbody (NASDAQ:BODI - Get Free Report) had its price objective increased by equities research analysts at Canaccord Genuity Group from $9.00 to $12.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 48.70% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the company. Craig Hallum initiated 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. Wall Street Zen raised Beachbody to a "buy" rating in a report on Saturday, December 27th. Weiss Ratings reissued a "sell (d-)" rating on shares of Beachbody in a report on Monday, December 29th. Finally, Zacks Research cut Beachbody from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 9th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $11.33.

Beachbody Stock Performance

Shares of NASDAQ:BODI traded down $0.12 on Tuesday, reaching $8.07. 11,710 shares of the company's stock were exchanged, compared to its average volume of 38,240. Beachbody has a twelve month low of $3.38 and a twelve month high of $12.66. The company has a fifty day moving average of $9.63 and a 200-day moving average of $8.03. The company has a market capitalization of $57.22 million, a price-to-earnings ratio of -1.30 and a beta of 1.15. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 0.93.

Hedge Funds Weigh In On Beachbody

A number of institutional investors have recently added to or reduced their stakes in the stock. Bard Associates Inc. bought a new position in Beachbody in the 4th quarter valued at approximately $32,000. Cruiser Capital Advisors LLC bought a new stake in shares of Beachbody during the third quarter worth $117,000. Jane Street Group LLC acquired a new position in shares of Beachbody during the fourth quarter worth $140,000. State Street Corp bought a new position in shares of Beachbody in the 4th quarter valued at $166,000. Finally, Geode Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 1,125 shares in the last quarter. 74.48% of the stock is currently owned by institutional investors and hedge funds.

Beachbody Company Profile

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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