Canaccord Genuity Group Reaffirms “Buy” Rating for Beachbody (NYSE:BODI)

Beachbody (NYSE:BODI)‘s stock had its “buy” rating reiterated by investment analysts at Canaccord Genuity Group in a research note issued to investors on Friday,Benzinga reports. They currently have a $13.00 price target on the stock. Canaccord Genuity Group’s target price points to a potential upside of 73.22% from the company’s current price.

Beachbody Price Performance

NYSE BODI opened at $7.51 on Friday. The stock has a market capitalization of $51.96 million, a P/E ratio of -0.48 and a beta of 1.13. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 0.64. The business’s fifty day moving average is $7.31 and its two-hundred day moving average is $6.68. Beachbody has a 1 year low of $5.14 and a 1 year high of $10.80.

Beachbody (NYSE:BODI) last announced its earnings results on Thursday, March 27th. The company reported ($1.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.88) by $0.99. Beachbody had a negative return on equity of 94.29% and a negative net margin of 22.62%. The company had revenue of $86.37 million for the quarter, compared to analyst estimates of $81.71 million. On average, research analysts forecast that Beachbody will post -8.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beachbody

A number of large investors have recently made changes to their positions in BODI. Raine Group LLC purchased a new position in Beachbody during the 3rd quarter worth approximately $25,000. Summit Financial LLC acquired a new stake in shares of Beachbody in the fourth quarter worth $104,000. Rockefeller Capital Management L.P. purchased a new position in shares of Beachbody during the third quarter valued at $625,000. Finally, Raine Capital LLC acquired a new position in Beachbody during the third quarter valued at $4,287,000. Institutional investors and hedge funds own 74.48% of the company’s stock.

About Beachbody

The Beachbody Company, Inc operates as a subscription health and wellness company that provides fitness, nutrition, and stress-reducing programs in the United States and internationally. The company operates Beachbody on Demand, a digital subscription platform that provides access to a library of live and on-demand fitness and nutrition content; and Beachbody on Demand Interactive (BODi) for live fitness and nutrition programs.