Jersey Mike’s (NYSE:JMKE) Reaches New 52-Week Low – Should You Sell?

Jersey Mike’s (NYSE:JMKE) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $19.73 and last traded at $19.8450, with a volume of 1637849 shares traded. The stock had previously closed at $20.75.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Stifel Nicolaus started coverage on Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $27.00 target price for the company. BTIG Research reiterated a “buy” rating and issued a $28.00 target price on shares of Jersey Mike’s in a report on Thursday, September 10th. Zacks Research upgraded shares of Jersey Mike’s to a “hold” rating in a report on Tuesday, August 25th. Evercore initiated coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set an “outperform” rating and a $28.00 price objective on the stock. Finally, Wells Fargo & Company started coverage on Jersey Mike’s in a research note on Monday, August 24th. They set an “equal weight” rating and a $25.00 price objective for the company. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Jersey Mike’s presently has a consensus rating of “Moderate Buy” and an average target price of $28.52.

Jersey Mike’s Stock Up 0.2%

Insider Activity

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 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 value of $56,210,436.00. Following the transaction, the insider 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 link. Also, CFO Michele Allen purchased 3,000 shares of Jersey Mike’s stock in a transaction on Friday, July 31st. The shares were acquired at an average cost of $23.00 per share, with a total value of $69,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,500 shares in the company, valued at $34,500. The trade was a -200.00% increase in their position. The SEC filing for this purchase 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

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.