Jersey Mike’s’ (NYSE:JMKE) Quiet Period Will Expire on September 8th

Jersey Mike’s’ (NYSE:JMKE) quiet period will end on Tuesday, September 8th. Jersey Mike’s had issued 43,478,261 shares in its initial public offering on July 30th. The total size of the offering was $1,000,000,003 based on an initial share price of $23.00. During Jersey Mike’s’ quiet period, underwriters and any insiders involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on JMKE. Wall Street Zen cut shares of Jersey Mike’s from a “hold” rating to a “sell” rating in a research note on Saturday. Morgan Stanley initiated coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set an “overweight” rating and a $29.00 target price for the company. Evercore began coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They issued an “outperform” rating and a $28.00 price target on the stock. Piper Sandler assumed coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They set an “overweight” rating and a $29.00 price target on the stock. Finally, Sanford C. Bernstein started coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set a “market perform” rating and a $26.00 price objective for the company. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.35.

Jersey Mike’s Stock Up 3.7%

Shares of Jersey Mike’s stock opened at $20.81 on Friday. Jersey Mike’s has a twelve month low of $19.86 and a twelve month high of $24.99.

Insider Buying and Selling

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total value of $56,210,436.00. Following the transaction, the insider owned 143,699 shares of the company’s stock, valued at $3,139,823.15. This trade represents a 94.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Stacy Peterson purchased 15,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $23.00 per share, with a total value of $345,000.00. Following the purchase, the chief operating officer directly owned 15,000 shares of the company’s stock, valued at approximately $345,000. This represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 31,584 shares of company stock worth $726,432 and sold 9,938,318 shares worth $217,152,248.

About Jersey Mike’s

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.