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Ignite Restaurant Group (NYSE:IRG) was downgraded by stock analysts at CL King from a “buy” rating to a “neutral” rating in a report issued on Friday, TheFlyOnTheWall.com reports.

Ignite Restaurant Group (NYSE:IRG) traded down 27.52% during mid-day trading on Friday, hitting $8.9736. The stock had a trading volume of 304,014 shares. Ignite Restaurant Group has a 1-year low of $11.26 and a 1-year high of $17.50. The stock’s 50-day moving average is $13.5 and its 200-day moving average is $13.85. The company’s market cap is $234.4 million.

Ignite Restaurant Group (NYSE:IRG) last announced its earnings results on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.24 by $0.16. The company had revenue of $229.80 million for the quarter, compared to the consensus estimate of $238.74 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Analysts expect that Ignite Restaurant Group will post $0.34 EPS for the current fiscal year.

Separately, analysts at Raymond James downgraded shares of Ignite Restaurant Group from a “market perform” rating to an “underperform” rating in a research note on Friday.

Ignite Restaurant Group, Inc operates two restaurant brands, Joe’s Crab Shack (NYSE:IRG) and Brick House Tavern + Tap (Brick House).

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