Jersey Mike’s (NYSE:JMKE) Raised to “Hold” at Wall Street Zen

Jersey Mike’s (NYSE:JMKE) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday, Wall Street Zen reports.

A number of other research analysts have also recently weighed in on the stock. Zacks Research upgraded shares of Jersey Mike’s to a “hold” rating in a research report on Tuesday, August 25th. Bank of America lifted their price target on shares of Jersey Mike’s from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, September 10th. Morgan Stanley initiated coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They issued an “overweight” rating and a $29.00 price objective on the stock. Truist Financial initiated coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Jersey Mike’s in a research report on Tuesday, August 25th. They set a “neutral” rating and a $26.00 target price for the company. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Jersey Mike’s has an average rating of “Moderate Buy” and a consensus target price of $28.52.

Jersey Mike’s Stock Up 0.2%

Shares of Jersey Mike’s stock opened at $21.75 on Friday. Jersey Mike’s has a one year low of $19.86 and a one year high of $24.99.

Insider Transactions at Jersey Mike’s

In other Jersey Mike’s news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was 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 in the company, valued at approximately $3,139,823.15. This represents a 94.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michele Allen purchased 3,000 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were purchased at an average cost of $23.00 per share, for a total transaction of $69,000.00. Following the transaction, the chief financial officer directly owned 1,500 shares in the company, valued at approximately $34,500. This represents a -200.00% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have bought 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

Jersey Mike’s is a fast-casual restaurant company specializing in made-to-order submarine sandwiches. Its menu includes cold subs, cheesesteaks, wraps, salads, sides and beverages, with sandwiches prepared using sliced-to-order meats and cheeses, fresh vegetables and the company’s signature “Mike’s Way” dressing of onions, lettuce, tomatoes, vinegar and olive oil.

The business traces its roots to a neighborhood sub shop in Point Pleasant, New Jersey, which was established in 1956. Peter Cancro acquired the shop as a teenager in 1971 and developed it into the Jersey Mike’s brand.