Beachbody (NASDAQ:BODI) Price Target Raised to $12.00

Beachbody (NASDAQ:BODI) had its target price raised by Canaccord Genuity Group from $9.00 to $12.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on BODI. Zacks Research downgraded shares of Beachbody from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Beachbody in a research report on Monday, December 29th. Craig Hallum assumed coverage on shares of Beachbody in a report on Monday, March 2nd. They issued a “buy” rating and a $15.00 target price on the stock. Finally, Wall Street Zen raised shares of Beachbody to a “buy” rating in a research report on Saturday, December 27th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Beachbody currently has an average rating of “Hold” and an average price target of $11.33.

Beachbody Price Performance

NASDAQ BODI opened at $10.74 on Tuesday. Beachbody has a one year low of $3.38 and a one year high of $12.66. The stock has a 50-day moving average of $9.61 and a 200 day moving average of $8.09. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.53 and a current ratio of 0.74. The company has a market capitalization of $76.15 million, a price-to-earnings ratio of -1.73 and a beta of 1.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its position 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 during the period. Bard Associates Inc. bought a new position in Beachbody in the 4th quarter worth $32,000. Jane Street Group LLC bought a new position in Beachbody in the 4th quarter worth $140,000. State Street Corp purchased a new position in Beachbody during the fourth quarter valued at $166,000. Finally, Renaissance Technologies LLC grew its holdings in Beachbody by 54.0% during 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. Hedge funds and other 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.