Zacks Research Downgrades Beachbody (NASDAQ:BODI) to Hold

Beachbody (NASDAQ:BODI) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages also recently commented on BODI. Craig Hallum initiated coverage on shares of Beachbody in a research report on Monday, March 2nd. They set a “buy” rating and a $15.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Beachbody in a research note on Friday, March 27th. Canaccord Genuity Group lifted their price target on shares of Beachbody from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen cut shares of Beachbody from a “strong-buy” rating to a “buy” rating in a report on Saturday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.00.

Beachbody Stock Performance

Shares of BODI stock opened at $12.95 on Monday. Beachbody has a one year low of $3.38 and a one year high of $16.87. The company’s 50-day moving average is $11.70 and its 200 day moving average is $9.98. The company has a market capitalization of $92.98 million, a price-to-earnings ratio of -27.55 and a beta of 1.11. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.63 and a current ratio of 0.74.

Hedge Funds Weigh In On Beachbody

Several institutional investors have recently made changes to their positions in BODI. Cruiser Capital Advisors LLC bought a new position in shares of Beachbody in the 3rd quarter worth approximately $117,000. Geode Capital Management LLC lifted its stake in shares of Beachbody by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 32,503 shares of the company’s stock worth $337,000 after purchasing an additional 1,125 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Beachbody by 54.0% in the 4th quarter. Renaissance Technologies LLC now owns 52,769 shares of the company’s stock worth $547,000 after purchasing an additional 18,505 shares during the period. Jane Street Group LLC bought a new position in shares of Beachbody in the 4th quarter worth approximately $140,000. Finally, State Street Corp bought a new position in shares of Beachbody in the 4th quarter worth approximately $166,000. Institutional investors own 74.48% of the company’s stock.

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.