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Why You Need to Pay Attention to Ignite Restaurant Group (IRG) Stock

Zacks Equity Research

One company that should be on your radar is Ignite Restaurant Group, Inc. (IRG). The stock from Retail-Restaurant industry has seen its Zacks Rank surge over the past four weeks, moving from Sell territory to its current position as a Strong Buy.

A key reason for this move has been the positive trend in the earnings estimate revisions picture. For IRG’s full year estimate, we have seen 2 estimates go higher in the past 30 days while no downward estimate revision was observed in the same time period. This trend has helped the consensus estimate to trend higher, increasing from 29 cents a share a month ago to its current level at 36 cents a share.

This positive shift in estimates has made some investors take notice and buy the stock. In fact, IRG has seen some pretty solid trading lately, as the company has moved higher by 11.4% in the past month.

If Ignite Restaurant Group can keep up this great momentum on the earnings estimate front and continue to impress analysts, we could see more gains ahead for this company, suggesting that you might want to put IRG on your watch list for the future.

Other top-ranked stocks worth considering in the same space include Buffalo Wild Wings Inc. (BWLD), Carrols Restaurant Group, Inc. (TAST) and Dunkin' Brands Group, Inc. (DNKN). All these stocks carry a Zacks Rank #2 (Buy).
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