NEW YORK (TheStreet) -- Shares of BJ's Restaurants (BJRI - Get Report) were retreating on heavy trading volume mid-afternoon Thursday after the company posted weaker-than-expected results for the 2016 third quarter.

After yesterday's closing bell, the Huntington Beach, CA-based restaurant operator reported adjusted earnings of 30 cents per diluted share, below analysts' estimates of 32 cents per share.

Revenue rose 1.9% to $233.7 million year-over-year, but was lower than Wall Street's projections of $239.3 million.

Comparable-restaurant sales dropped 3.4% during the period. Analyst surveyed by FactSet were looking for a decline of 1.8%.

"Industry-wide third quarter comparable restaurant sales were soft as businesses dependent on consumer discretionary spending were challenged by a variety of macro factors including the timing of the Summer Olympics as well as the current economic uncertainty arising from the political elections," CEO Greg Trojan said in a statement.

Additionally, the company expects to open 10 to 15 restaurants this year compared to its prior estimate of 17.

More than 2.08 million of the company's shares changed hands so far today vs. its average 30-day volume of 353,850 shares.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity.

The team believes its strengths outweigh the fact that the company shows low profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: BJRI