Allurion Technologies (NYSE:ALUR) Stock Price Down 3.8% – Here’s Why

Allurion Technologies Inc. (NYSE:ALUR)’s stock price dropped 3.8% during trading on Wednesday . The company traded as low as $0.68 and last traded at $0.71. Approximately 166,539 shares changed hands during trading, a decline of 78% from the average daily volume of 769,056 shares. The stock had previously closed at $0.74.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Roth Mkm started coverage on Allurion Technologies in a research note on Friday, September 6th. They issued a “buy” rating and a $2.00 price target for the company. TD Cowen began coverage on Allurion Technologies in a research note on Wednesday, October 2nd. They set a “buy” rating and a $2.00 target price for the company. Roth Capital raised shares of Allurion Technologies to a “strong-buy” rating in a research note on Friday, September 6th. Finally, Chardan Capital reduced their price objective on shares of Allurion Technologies from $5.00 to $2.50 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $2.88.

Allurion Technologies Price Performance

The stock has a market capitalization of $34.24 million, a price-to-earnings ratio of -0.19 and a beta of -0.33. The stock has a 50 day moving average price of $0.66 and a 200-day moving average price of $1.20.

Allurion Technologies (NYSE:ALUR) last announced its earnings results on Tuesday, August 13th. The company reported $0.01 earnings per share (EPS) for the quarter. The business had revenue of $11.77 million for the quarter. As a group, research analysts forecast that Allurion Technologies Inc. will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Allurion Technologies stock. Accredited Investors Inc. increased its position in shares of Allurion Technologies Inc. (NYSE:ALUR) by 33.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,000 shares of the company’s stock after purchasing an additional 12,500 shares during the period. Accredited Investors Inc. owned 0.10% of Allurion Technologies worth $50,000 at the end of the most recent quarter. Institutional investors and hedge funds own 21.39% of the company’s stock.

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.