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Shares of Ignite Restaurant Group (NYSE:IRG) hit a new 52-week low during trading on Wednesday , AmericanBankingNews.com reports. The stock traded as low as $6.95 and last traded at $7.04, with a volume of 24,885 shares changing hands. The stock had previously closed at $7.26.

IRG has been the subject of a number of recent research reports. Analysts at Piper Jaffray downgraded shares of Ignite Restaurant Group from an “overweight” rating to a “neutral” rating in a research note on Friday, August 15th. They now have a $8.00 price target on the stock, down previously from $14.00. Finally, 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.

The stock’s 50-day moving average is $10.35 and its 200-day moving average is $13.27. The company’s market cap is $182.9 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. On average, analysts predict that Ignite Restaurant Group will post $-0.22 earnings per share for the current fiscal year.

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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