Published On: Wed, Sep 14th, 2016

Morgans Hotel Group Co. (MHGC) Trading Up 15.8%

Morgans Hotel Group Co. (NASDAQ:MHGC)’s share price was up 15.8% on Wednesday . The stock traded as high as $2.25 and last traded at $2.05, with a volume of 3,237,093 shares changing hands. The stock had previously closed at $1.77.
The firm’s 50-day moving average is $2.29 and its 200-day moving average is $1.96. The stock has a market capitalization of $73.58 million, a price-to-earnings ratio of 8.34 and a beta of 1.61.

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Morgans Hotel Group (NASDAQ:MHGC) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.30) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.30). Morgans Hotel Group had a negative return on equity of 8.96% and a net margin of 12.52%. The firm earned $52.86 million during the quarter, compared to analysts’ expectations of $56.21 million. Equities analysts anticipate that Morgans Hotel Group Co. will post ($1.34) EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Gabelli Securities Inc. raised its stake in shares of Morgans Hotel Group by 67.1% in the second quarter. Gabelli Securities Inc. now owns 826,972 shares of the company’s stock valued at $1,770,000 after buying an additional 332,000 shares during the last quarter. Teton Advisors Inc. raised its stake in shares of Morgans Hotel Group by 8.6% in the second quarter. Teton Advisors Inc. now owns 630,491 shares of the company’s stock valued at $1,349,000 after buying an additional 50,000 shares during the last quarter. State Street Corp raised its stake in shares of Morgans Hotel Group by 2.8% in the first quarter. State Street Corp now owns 443,463 shares of the company’s stock valued at $611,000 after buying an additional 12,011 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Morgans Hotel Group by 1.7% in the second quarter. Gamco Investors INC. ET AL now owns 322,400 shares of the company’s stock valued at $690,000 after buying an additional 5,500 shares during the last quarter. Finally, Kassirer Asset Management Corp purchased a new stake in shares of Morgans Hotel Group during the second quarter valued at approximately $642,000. 38.34% of the stock is owned by institutional investors.

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