Short Interest in Jersey Mike’s (NYSE:JMKE) Grows By 92.2%

Jersey Mike’s (NYSE:JMKE) was the target of a significant increase in short interest in the month of August. As of August 14th, there was short interest totaling 5,572,621 shares, an increase of 92.2% from the July 30th total of 2,899,476 shares. Currently, 1.4% of the shares of the stock are sold short. Based on an average trading volume of 3,385,397 shares, the days-to-cover ratio is currently 1.6 days.

Jersey Mike’s Price Performance

NYSE JMKE opened at $21.29 on Tuesday. Jersey Mike’s has a 52-week low of $20.63 and a 52-week high of $24.99.

Analyst Ratings Changes

A number of research firms have recently commented on JMKE. Guggenheim began coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They set a “buy” rating and a $28.00 price objective for the company. Loop Capital initiated coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $40.00 price target on the stock. TD Cowen started coverage on Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $26.00 price objective on the stock. UBS Group set a $27.00 price target on Jersey Mike’s and gave the company a “buy” rating in a research note on Monday, August 24th. Finally, Sanford C. Bernstein began coverage on Jersey Mike’s in a report on Monday, August 24th. They issued a “market perform” rating and a $26.00 target price for the company. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Jersey Mike’s currently has an average rating of “Moderate Buy” and an average target price of $28.35.

Insider Transactions at Jersey Mike’s

In other Jersey Mike’s news, CFO Michele Allen bought 10,000 shares of Jersey Mike’s stock in a transaction dated Friday, July 31st. The shares were bought at an average price of $23.00 per share, with a total value of $230,000.00. Following the purchase, the chief financial officer owned 10,043 shares of the company’s stock, valued at $230,989. This trade represents a 23,255.81% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $21.85, for a total value of $96,381,748.40. Following the completion of the transaction, the insider directly owned 36,114,272 shares in the company, valued at approximately $789,096,843.20. This trade represents a 10.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have acquired 31,584 shares of company stock valued at $726,432 and have sold 9,938,318 shares valued at $217,152,248.

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.