Why Ignite Restaurant Group (IRG) Stock Plunged Today

NEW YORK (TheStreet) -- Shares of Ignite Restaurant Group Inc  (IRG) plunged, down -34.98% to $8.05 at close, after the company reported second quarter earnings that missed estimates by 16 cents.

The operator of Joe's Crab Shack and Brick House Tavern + Tap posted second quarter earnings of 8 cents per share, up from 4 cents per share a year go, but below the consensus estimate of 24 cents per share.

Revenue for the quarter was up 7% to $229.80 million from the same quarter of 2013, but missed the consensus estimate of $238.74 million. 

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Shares of Ignite Restaurant Group are up 4.32% to $8.40 in after-hours trading.

Separately, TheStreet Ratings team rates IGNITE RESTAURANT GROUP INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate IGNITE RESTAURANT GROUP INC (IRG) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its robust revenue growth -- not just in the most recent periods but in previous quarters as well. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."

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