Morgans Hotel Group Co. (MHGC) Sees Large Volume Increase
Morgans Hotel Group Co. (NASDAQ:MHGC) shares saw unusually-strong trading volume on Wednesday . Approximately 329,892 shares traded hands during trading, an increase of 3% from the previous session’s volume of 320,407 shares.The stock last traded at $2.20 and had previously closed at $2.19.
Separately, MKM Partners upgraded Morgans Hotel Group from a “sell” rating to a “neutral” rating and set a $2.25 price objective for the company in a research report on Tuesday, May 10th.
The stock’s 50-day moving average price is $2.17 and its 200-day moving average price is $1.83. The company has a market capitalization of $76.84 million and a price-to-earnings ratio of 8.70.
Morgans Hotel Group (NASDAQ:MHGC) last released its quarterly earnings results on Monday, May 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.04. Equities research analysts forecast that Morgans Hotel Group Co. will post ($1.36) earnings per share for the current fiscal year.
Morgans Hotel Group Co is a lifestyle hospitality company. The Company operates, owns, acquires, develops and redevelops boutique hotels, primarily in gateway cities and select resort markets in the United States, Europe and other international locations. The Company’s portfolio includes three owned hotels, consisting of Hudson in New York, Delano South Beach in Miami Beach and Clift in San Francisco, comprising approximately 1,450 rooms, and the food and beverage operations located at these hotels (collectively, the Company’s Owned Hotels); Company’s owned food and beverage operations; Company’s two joint venture hotels, and Company’s licensed hotel.
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