Allurion Technologies Inc. (NYSE:ALUR) Sees Large Growth in Short Interest

Allurion Technologies Inc. (NYSE:ALUR) was the target of a significant increase in short interest in November. As of November 30th, there was short interest totalling 1,070,000 shares, an increase of 17.6% from the November 15th total of 909,600 shares. Based on an average daily volume of 368,900 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.3% of the shares of the company are short sold.

Allurion Technologies Stock Down 5.2 %

Shares of NYSE:ALUR traded down $0.02 during trading on Monday, reaching $0.33. 217,536 shares of the company traded hands, compared to its average volume of 738,186. The firm has a fifty day simple moving average of $0.57 and a 200 day simple moving average of $0.81. Allurion Technologies has a 1-year low of $0.31 and a 1-year high of $4.00. The firm has a market cap of $21.08 million, a P/E ratio of -0.67 and a beta of -0.56.

Hedge Funds Weigh In On Allurion Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Accredited Investors Inc. increased its holdings in shares of Allurion Technologies by 33.3% during the 2nd quarter. Accredited Investors Inc. now owns 50,000 shares of the company’s stock valued at $50,000 after acquiring an additional 12,500 shares during the last quarter. CVI Holdings LLC bought a new position in shares of Allurion Technologies in the second quarter valued at approximately $520,000. Finally, Geode Capital Management LLC lifted its stake in shares of Allurion Technologies by 40.7% in the third quarter. Geode Capital Management LLC now owns 516,330 shares of the company’s stock worth $317,000 after buying an additional 149,484 shares during the last quarter. Institutional investors and hedge funds own 21.39% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Roth Capital raised Allurion Technologies to a “strong-buy” rating in a report on Friday, September 6th. Roth Mkm assumed coverage on Allurion Technologies in a research report on Friday, September 6th. They issued a “buy” rating and a $2.00 price target for the company. Chardan Capital downgraded Allurion Technologies from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, TD Cowen started coverage on shares of Allurion Technologies in a report on Wednesday, October 2nd. They issued a “buy” rating and a $2.00 target price for the company. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Allurion Technologies has a consensus rating of “Buy” and an average target price of $2.88.

Allurion Technologies Company Profile

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.