Allurion Technologies (NYSE:ALUR) Sees Strong Trading Volume – Should You Buy?

Allurion Technologies Inc. (NYSE:ALUR) saw an uptick in trading volume on Friday . 8,214 shares were traded during mid-day trading, a decline of 52% from the previous session’s volume of 17,218 shares.The stock last traded at $9.68 and had previously closed at $10.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Chardan Capital downgraded shares of Allurion Technologies from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. TD Cowen began coverage on Allurion Technologies in a report on Wednesday, October 2nd. They issued a “buy” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $71.88.

Allurion Technologies Stock Down 23.8 %

The stock’s fifty day simple moving average is $11.66 and its 200 day simple moving average is $17.91. The firm has a market capitalization of $515.14 million, a PE ratio of -16.56 and a beta of -0.56.

Hedge Funds Weigh In On Allurion Technologies

A hedge fund recently bought a new stake in Allurion Technologies stock. CVI Holdings LLC purchased a new position in Allurion Technologies Inc. (NYSE:ALUR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 521,440 shares of the company’s stock, valued at approximately $520,000. Allurion Technologies makes up 0.5% of CVI Holdings LLC’s holdings, making the stock its 28th biggest position. CVI Holdings LLC owned approximately 1.09% of Allurion Technologies as of its most recent SEC filing. 21.39% of the stock is owned by institutional investors and hedge funds.

About Allurion Technologies

Allurion Technologies Inc focuses on ending obesity with a weight loss platform to treat people who are overweight. Its platform, the Allurion Program, features swallowable and procedure-less intragastric balloon for weight loss (the Allurion Balloon), as well as offers access to AI-powered remote patient monitoring tools, a proprietary behavior change program, secure messaging, and video telehealth that are delivered by the Allurion Virtual Care Suite.