Allurion Technologies Inc. (NYSE:ALUR) experienced a 1.2% increase in its share price during trading on Friday. The stock reached a high of $3.33 and last traded at $3.25, with the previous closing price at $3.21. Jefferies Financial Group recently initiated coverage on Allurion Technologies, giving it a 'buy' rating and setting a price target of $5.00. The company's fifty-day simple moving average is $3.19, while its two-hundred-day simple moving average is $3.82. Allurion Technologies focuses on combatting obesity with its weight loss platform, the Allurion Program, which includes a swallowable and procedure-less intragastric balloon for weight loss. The company also offers AI-powered remote patient monitoring tools, a proprietary behavior change program, secure messaging, and video telehealth through its Allurion Virtual Care Suite.
Orion Group Holdings, Inc. (NYSE:ORN) reported its first-quarter results, with revenues of US$161m, 8.1% below estimates. Statutory losses were slightly better than expected at US$0.19 per share. Analysts are now forecasting revenues of US$870.0m in 2024, a 22% improvement compared to the last 12 months. Earnings are expected to improve, with a forecasted statutory profit of US$0.10 per share. Despite cutting their earnings forecasts, analysts have lifted their price target 16% to US$9.83. The most bullish analyst values Orion Group Holdings at US$10.00 per share, while the most bearish prices it at US$9.50. Orion Group Holdings' rate of growth is expected to accelerate, with a forecasted 30% annualized revenue growth to the end of 2024, noticeably faster than its historical growth of 3.0% p.a. over the past five years. The analysts also expect Orion Group Holdings to grow faster than the wider industry. The biggest concern is that the analysts reduced their earnings per share estimates, suggesting potential business headwinds. However, there were no major changes to revenue forecasts, and the price target increased, indicating an improvement in the intrinsic value of the business.