Jersey Mike’s (NYSE:JMKE) Hits New 12-Month Low – Here’s What Happened

Jersey Mike’s (NYSE:JMKE)’s stock price reached a new 52-week low on Monday. The stock traded as low as $16.31 and last traded at $16.6410, with a volume of 7707 shares traded. The stock had previously closed at $16.57.

Analyst Upgrades and Downgrades

JMKE has been the subject of several research reports. Wall Street Zen raised shares of Jersey Mike’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 13th. Robert W. Baird started coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They issued an “outperform” rating and a $27.00 target price on the stock. Bank of America boosted their target price on Jersey Mike’s from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, September 10th. Loop Capital started coverage on Jersey Mike’s in a report on Monday, August 24th. They issued a “buy” rating and a $40.00 target price for the company. Finally, Wolfe Research started coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They issued a “peer perform” rating for the company. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Jersey Mike’s currently has an average rating of “Moderate Buy” and an average price target of $28.09.

Jersey Mike’s Trading Up 2.1%

The firm has a fifty day simple moving average of $20.79. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.36.

Jersey Mike’s (NYSE:JMKE) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $3,700.00 earnings per share (EPS) for the quarter. The company had revenue of $208.00 million during the quarter. As a group, research analysts predict that Jersey Mike’s will post 0.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Abu Dhabi Investment Authority sold 382,134 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total transaction of $8,349,627.90. Following the completion of the transaction, the insider owned 35,732,138 shares of the company’s stock, valued at approximately $780,747,215.30. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of Jersey Mike’s stock in a transaction on 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 completion of the sale, the insider directly owned 143,699 shares of the company’s stock, valued at $3,139,823.15. The trade was a 94.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, 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

Jersey Mike’s is an American fast-casual restaurant company best known for submarine sandwiches made to order. Its menu typically includes cold subs, cheesesteaks, wraps, salads, sides, beverages and catering options. The brand emphasizes freshly sliced meats and cheeses, along with its signature “Mike’s Way” preparation featuring onions, lettuce, tomatoes, oil, vinegar and spices.

The company traces its roots to 1956, when the original Mike’s Submarines opened in Point Pleasant, New Jersey.