Jersey Mike’s (NYSE:JMKE) Sees Significant Increase in Short Interest

Jersey Mike’s (NYSE:JMKE) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 2,899,476 shares, an increase of ? from the July 15th total of 0 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average trading volume of 3,955,637 shares, the short-interest ratio is presently 0.7 days.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on JMKE. Melius Research initiated coverage on Jersey Mike’s in a research report on Thursday, July 30th. They set a “buy” rating and a $30.00 target price on the stock. Wall Street Zen raised Jersey Mike’s to a “hold” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Jersey Mike’s presently has an average rating of “Buy” and an average price target of $30.00.

Jersey Mike’s Trading Down 1.7%

Shares of JMKE traded down $0.39 during trading hours on Friday, reaching $22.18. The company’s stock had a trading volume of 1,486,502 shares, compared to its average volume of 7,257,688. Jersey Mike’s has a 1-year low of $20.63 and a 1-year high of $24.99.

Insider Transactions at Jersey Mike’s

In other Jersey Mike’s news, CFO Michele Allen purchased 10,000 shares of the company’s stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of $23.00 per share, for a total transaction of $230,000.00. Following the completion of the transaction, the chief financial officer owned 10,043 shares in the company, valued at $230,989. The trade was a 23,255.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the completion of the sale, the insider directly owned 36,114,272 shares of the company’s stock, valued at $789,096,843.20. The trade was a 10.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought 31,584 shares of company stock valued at $726,432 in the last three months.

Jersey Mike’s Company Profile

We are Jersey Mike’s: A high-growth franchisor of fast casual, submarine-style sandwich restaurants specializing in authentic, hand-crafted, craveable subs. Built over 70 years on one uncompromising belief – that a truly great sub sandwich can change your day and that a truly great brand changes its community – Jersey Mike’s is now one of the largest and fastest-growing limited-service restaurant brands based on U.S. systemwide sales and unit growth, with 3,300 stores across all 50 states and two countries – nearly all of which are franchised.