Ignite Restaurant Group Inc. (IRG) is one of the best performing stocks in the services sector for companies listed on the New York Stock Exchange or NASDAQ exchange shortly after the opening bell on September 23. Shares of IRG have climbed 4.68% about 30 minutes into the session to $0.85 after closing the day prior at $0.81. It’s early, but the stock has traded as high as $0.85 and as low as $0.8 so far. Today’s quick advance has come with about 1,062 shares changing hands, compared to an average 30-day volume of 50,513 for Ignite Restaurant Group Inc.. The price is currently below the 30-day volume weighted average price of $0.84 for IRG.
The share appreciation gives the company a market capitalization of $21.35 million based upon 26.29 million shares outstanding. It also means that IRG has a price-to-book ratio of 6.96:1 and a price-to-earnings ratio of :1.
In the past 52 weeks, shares of IRG have traded as low as $0.7515 and as high as $5.44. Technical traders will take note that at $0.85, shares of IRG are trading below their 200-day MA at $2.56 and below their 50-day MA at $1.16. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is IRG?
Ignite Restaurant Group Inc is a diversified restaurant company that operates a portfolio of two restaurant brands, Joe's Crab Shack (Joe's) and Brick House Tavern + Tap (Brick House). The company’s 8800 employees are led by CEO Robert S. Merritt from the corporate headquarters at 9900 Westpark Drive.
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