Beachbody (NYSE:BODY) IPO: How to buy this fitness stock?

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Beachbody (NYSE:BODY) IPO: How to buy this fitness stock?

 Beachbody (NYSE:BODY) IPO: How to buy this fitness stock?
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The Beachbody Company, a California-based fitness enterprise, debuted on Monday, June 28, through a merger with blank check firm Forest Road Acquisition Corp on the New York Exchange (NYSE).

Stocks of Beachbody (BODY:US, NYSE:BODY) opened at US$ 13.15 per share and closed at US$ 12.74 apiece on Monday, June 28.  

Earlier, shareholders of the special purpose acquisition company (SPAC) voted on Thursday, June 24, to support the US$ 2.9-billion merger deal with Beachbody. 

The fitness firm has been around for more than two decades. It transformed its business operations to an online platform in 2017, which turned out to be a key catalyst for its success. Earlier in June, Beachbody CEO Carl Daikeler reportedly claimed that the company is one of the leading players in the fitness industry.

Beachbody has 2.7 million active users on its digital platform. The company believes its customer base will expand by 10 to 30 times in a few years, led by its initial public offering (IPO).

Let us delve into Beachbody (Formerly Forest Road Acquisition Corp) stock’s historical data:

Beachbody (BODY:US, NYSE:BODY)

The SPAC stock stopped trading flat at US$ 9.81 per share on Friday, June 25. It had a market cap of US$ 374 million for all class shares. The SPAC company had 30 million shares listed on the NYSE, which got delisted after Beachbody went live under ticker symbol “BODY” on the US exchange. Forest

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Forest Road’s 10-day average volume improved to 1.92 million shares against its 50-day average volume of 1.21 million shares as of June 23. 

The stock was marching a decent 200-day moving average of 10.61 per cent, showing a long-term uptrend pattern. It debuted in January 2021 with an opening price of US$ 11.24 apiece and holds a peak price of US$ 18.2 (February 23, 2021).

The SPAC stock was down over 11 per cent listing-to-date at the time of its closing price on June 23.  

On completion of this merger, the joint entity has begun operating under Beachbody’s brand name. After a capital worth of nearly US$ 3 billion, the fitness firm anticipates expanding its operations and meet its cash flow target.

The Beachbody focuses on its two revenue-generating segments, including subscription-based nutrition goods and live workout content. 

Please note: The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from TMX.

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