Morgans Hotel Group Co. (NASDAQ:MHGC) rose 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 trading hands. The stock had previously closed at $2.21.

Separately, MKM Partners upgraded Morgans Hotel Group from a “sell” rating to a “neutral” rating and set a $2.25 price target for the company in a research note on Tuesday, May 10th.

The company’s 50 day moving average price is $2.21 and its 200-day moving average price is $1.78. The firm has a market capitalization of $89.35 million and a P/E ratio of 10.12.

Morgans Hotel Group (NASDAQ:MHGC) last issued its earnings results on Monday, May 9th. The company reported ($0.37) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.41) by $0.04. On average, equities analysts predict that Morgans Hotel Group Co. will post ($1.36) EPS 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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