Beachbody (NASDAQ:BODI) Price Target Cut to $16.00 by Analysts at Canaccord Genuity Group

Beachbody (NASDAQ:BODI) had its price target reduced by equities research analysts at Canaccord Genuity Group from $19.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target indicates a potential upside of 284.62% from the company’s current price.

Several other brokerages have also issued reports on BODI. Weiss Ratings lowered Beachbody from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, October 6th. Roth Capital reiterated a “neutral” rating and issued a $9.00 price target on shares of Beachbody in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut Beachbody from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Beachbody currently has an average rating of “Hold” and an average target price of $13.33.

Beachbody Stock Performance

BODI opened at $4.16 on Friday. Beachbody has a fifty-two week low of $4.01 and a fifty-two week high of $16.87. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.79 and a quick ratio of 0.61. The firm has a market capitalization of $30.28 million, a price-to-earnings ratio of 2.55 and a beta of 0.96. The company’s 50 day moving average price is $5.00 and its two-hundred day moving average price is $9.09.

Beachbody (NASDAQ:BODI) last released its quarterly earnings results on Monday, August 10th. The company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $49.61 million during the quarter. Beachbody had a net margin of 5.68% and a return on equity of 44.34%. As a group, research analysts predict that Beachbody will post 0.22 earnings per share for the current year.

Institutional Investors Weigh In On Beachbody

Large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in Beachbody by 94.9% in the first quarter. Renaissance Technologies LLC now owns 102,864 shares of the company’s stock valued at $1,117,000 after buying an additional 50,095 shares during the period. Citadel Advisors LLC grew its position in shares of Beachbody by 104.6% during the 2nd quarter. Citadel Advisors LLC now owns 37,531 shares of the company’s stock worth $384,000 after buying an additional 19,189 shares during the period. Evernest Financial Advisors LLC acquired a new stake in shares of Beachbody during the 1st quarter worth approximately $316,000. NewEdge Advisors LLC bought a new stake in shares of Beachbody in the 2nd quarter valued at $145,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Beachbody in the 1st quarter valued at $111,000. Institutional investors and hedge funds own 74.48% of the company’s stock.

About Beachbody

Beachbody, operating under the BODi brand, is a digital fitness and wellness company that provides at-home workout programs, nutrition guidance and related products through online and mobile platforms. Its offerings are designed to support exercise, weight management and broader healthy-lifestyle goals.

The company’s portfolio has included on-demand workout content led by professional trainers, personalized fitness and nutrition programs, meal-planning resources, supplements and other wellness products.