What's Up With RCI Hospitality Shares Today?

RCI Hospitality Holdings Inc (NASDAQ: RICK) shares are trading higher by 15.8% at $67.95 Monday morning after the company announced definitive agreements to purchase 11 adult nightclubs in 6 states.

RCI Hospitality owns and operates establishments that offer live adult entertainment, restaurant and bar operations. RCI Hospitality also owns and operates a communication company serving the adult nightclubs industry.

RCI Hospitality derives the majority of its revenue from the nightclubs segment that engages in the sale of alcoholic beverages, food, and merchandise items; service in the form of cover charge, dance fees and room rentals.

RCI Hospitality has a 52-week high of $81.65 and a 52-week low of $10.92.