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Ignite Restaurant Group (NYSE:IRG) was downgraded by equities researchers at Piper Jaffray from an “overweight” rating to a “neutral” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $8.00 target price on the stock, down from their previous target price of $14.00. Piper Jaffray’s price target points to a potential downside of 3.61% from the company’s current price.

Shares of Ignite Restaurant Group (NYSE:IRG) opened at 8.13 on Friday. Ignite Restaurant Group has a one year low of $7.60 and a one year high of $17.50. The stock’s 50-day moving average is $12.65 and its 200-day moving average is $13.66. The company’s market cap is $213.1 million.

Ignite Restaurant Group (NYSE:IRG) last released its earnings data 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. On average, analysts predict that Ignite Restaurant Group will post $-0.20 earnings per share for the current fiscal year.

IRG has been the subject of a number of other 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, August 8th. 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, August 8th.

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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