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. 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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."

IRG Chart IRG data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Dow Falls Sharply as Apple's Slump Offsets Gains in General Electric

Dow Falls Sharply as Apple's Slump Offsets Gains in General Electric

Could Spotify Be Next on Amazon's Wish List?

Could Spotify Be Next on Amazon's Wish List?

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Skechers Slumps the Most in Two Years After Soft Guidance Overshadows Solid Q1

Skechers Slumps the Most in Two Years After Soft Guidance Overshadows Solid Q1

Video: This Is One Way Millennials Are Destroying Their Financial Future

Video: This Is One Way Millennials Are Destroying Their Financial Future