Morgans Hotel Group Co. (NASDAQ:MHGC) shares traded up 18.1% during trading on Tuesday . The company traded as high as $2.71 and last traded at $2.61, with a volume of 989,616 shares. The stock had previously closed at $2.21.

Separately, MKM Partners raised Morgans Hotel Group from a “sell” rating to a “neutral” rating and set a $2.25 target price on the stock in a report on Tuesday, May 10th.

The stock has a market cap of $90.40 million and a P/E ratio of 10.24. The company has a 50-day moving average price of $2.18 and a 200-day moving average price of $1.78.

Morgans Hotel Group (NASDAQ:MHGC) last announced its earnings results on Monday, May 9th. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.04. On average, analysts expect that Morgans Hotel Group Co. will post ($1.36) earnings per share for the current 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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