Canaccord Genuity Group Has Lowered Expectations for Beachbody (NASDAQ:BODI) Stock Price

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

BODI has been the subject of several other reports. Wall Street Zen lowered Beachbody from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings downgraded Beachbody from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, October 6th. Finally, Roth Capital restated a “neutral” rating and set a $9.00 price objective on shares of Beachbody in a research report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Beachbody presently has a consensus rating of “Hold” and an average target price of $13.33.

Beachbody Stock Performance

NASDAQ BODI opened at $4.16 on Friday. Beachbody has a one year low of $4.01 and a one year high of $16.87. The company has a 50-day simple moving average of $5.00 and a 200-day simple moving average of $9.09. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.61 and a current ratio of 0.79. The firm has a market capitalization of $30.28 million, a PE ratio of 2.55 and a beta of 0.96.

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

Hedge Funds Weigh In On Beachbody

Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP acquired a new stake in shares of Beachbody in the 1st quarter worth approximately $111,000. NewEdge Advisors LLC bought a new position in shares of Beachbody in the second quarter valued at approximately $145,000. Evernest Financial Advisors LLC bought a new position in shares of Beachbody in the first quarter valued at approximately $316,000. Citadel Advisors LLC boosted its holdings in shares of Beachbody by 104.6% in the second quarter. Citadel Advisors LLC now owns 37,531 shares of the company’s stock valued at $384,000 after acquiring an additional 19,189 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Beachbody by 94.9% during the first quarter. Renaissance Technologies LLC now owns 102,864 shares of the company’s stock valued at $1,117,000 after acquiring an additional 50,095 shares during the period. Institutional investors and hedge funds own 74.48% of the company’s stock.

Beachbody Company Profile

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.