What: Shares of Wingstop (NASDAQ:WING) fell 20.2% in August, according to S&P Capital IQ data, despite a largely solid quarterly report early in the month.

Specifically, in its first report since going public in June, Wingstop's fiscal second-quarter revenue rose 18% year over year to $19.2 million, helped by a 9% increase in domestic same-store sales and a 19.5% increase in its systemwide restaurant count to 785. With the former, Wingstop remains poised to deliver its 12th consecutive year of domestic same-store sales growth in 2015. And the latter included 40 net franchised restaurant openings during the quarter, leaving it on track to open a net 120 to 130 new franchised locations for the year. Meanwhile, adjusted net income rose 19.6% to $3.2 million, while adjusted earnings per pro forma diluted share climbed 10% to $0.11.

So what: To be fair, the stock is still up more than 40% since a massive pop the day of its initial public offering at $19 per share in June. But since then, Wingstop investors have endured significant volatility typical of small-cap companies shortly after their IPO, and shares have fallen around 12.5%.

That said, investors can take solace knowing the latest declines have largely mirrored the broader market, with the S&P 500 down around 8.5% over the same period:

WING Chart

WING data by YCharts.

Now what: Personally -- and however promising the business -- this is why I prefer to watch newly IPOd companies from the sidelines for at least a quarter or two until the dust settles. As I indicated late last year leading up to Wingstop's IPO, however, the company's vision to build itself into a chain of up to 2,500 domestic restaurants is simply too mouthwatering for growth-hungry investors to ignore. For now, I'd like Wingstop to get a few more months under its belt as a public company. But in the meantime, you can be sure I'll be watching it closely for consideration as a worthy long-term investment.

Steve Symington has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.