Beachbody (NYSE:BODI) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Beachbody (NYSE:BODI) in a report released on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a $13.00 target price on the stock.

Beachbody Trading Down 6.2 %

Shares of BODI stock opened at $7.51 on Friday. 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 stock has a fifty day simple moving average of $7.31 and a two-hundred day simple moving average of $6.68. The firm has a market capitalization of $51.96 million, a PE ratio of -0.48 and a beta of 1.13. Beachbody has a 52-week low of $5.14 and a 52-week high of $10.80.

Beachbody (NYSE:BODI) last released its earnings results on Thursday, March 27th. The company reported ($1.89) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $86.37 million during the quarter, compared to analysts’ expectations of $81.71 million. On average, analysts predict that Beachbody will post -8.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Beachbody

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Raine Capital LLC purchased a new stake in Beachbody in the 3rd quarter worth $4,287,000. Rockefeller Capital Management L.P. bought a new stake in shares of Beachbody in the third quarter worth about $625,000. Summit Financial LLC bought a new stake in shares of Beachbody in the fourth quarter worth about $104,000. Finally, Raine Group LLC purchased a new stake in shares of Beachbody in the third quarter worth about $25,000. Institutional investors 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.