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Shares of Ignite Restaurant Group (NYSE:IRG) hit a new 52-week low during mid-day trading on Friday following a weaker than expected earnings announcement, Analyst Ratings.Net reports. The stock traded as low as $7.60 and last traded at $8.44, with a volume of 1,203,568 shares changing hands. The stock had previously closed at $12.38.

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.

IRG has been the subject of a number of recent research reports. Analysts at CL King downgraded shares of Ignite Restaurant Group from a “buy” rating to a “neutral” rating in a research note on Friday. 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.

The stock has a 50-day moving average of $13.5 and a 200-day moving average of $13.85. The company’s market cap is $220.5 million.

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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