Jersey Mike’s (NYSE:JMKE) Stock Breaks Above 50-Day Moving Average After Analyst Downgrade

Jersey Mike’s (NYSE:JMKE) passed above its 50-day moving average during trading on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock has a 50-day moving average of $18.84 and traded as high as $19.88. Jersey Mike’s shares last traded at $19.7380, with a volume of 3,532,457 shares.

Other equities research analysts have also issued reports about the stock. William Blair reiterated an “outperform” rating on shares of Jersey Mike’s in a report on Wednesday, September 9th. Truist Financial initiated coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They issued a “buy” rating and a $30.00 price target on the stock. Melius Research initiated coverage on shares of Jersey Mike’s in a research report on Thursday, July 30th. They issued a “buy” rating and a $30.00 price objective on the stock. Piper Sandler started 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 objective for the company. Finally, Tigress Financial upped their price objective on shares of Jersey Mike’s from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Twenty-one research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.91.

Insider Activity

In other news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $21.85, for a total transaction of $56,210,436.00. Following the transaction, the insider directly owned 143,699 shares of the company’s stock, valued at approximately $3,139,823.15. The trade was a 94.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the company’s 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 of the company’s stock, valued at approximately $3,139,823.15. This represents a 94.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 5,527,254 shares of company stock valued at $120,770,500.

Jersey Mike’s Stock Performance

The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.81 and a current ratio of 2.81. The stock’s 50 day moving average price is $18.84.

Jersey Mike’s (NYSE:JMKE) last issued its earnings results on Wednesday, October 28th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.07. The firm had revenue of $209.00 million during the quarter. The business’s quarterly revenue was up 10.0% on a year-over-year basis. On average, equities research analysts predict that Jersey Mike’s will post 0.64 earnings per share for the current year.

Jersey Mike’s Announces Dividend

The company also recently disclosed a special dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be issued a $0.35 dividend. The ex-dividend date is Thursday, November 5th.

About Jersey Mike’s

Jersey Mike’s, commonly known as Jersey Mike’s Subs, is a fast-casual restaurant company focused on submarine sandwiches and related food offerings. Its menu includes hot and cold subs, wraps, salads, beverages and desserts, with catering services also available at many locations.

The business operates primarily through a franchise-based model under the Jersey Mike’s Subs brand. Restaurants are known for preparing sandwiches to order, including sliced meats and cheeses, fresh vegetables and the company’s signature “Mike’s Way” preparation.

Jersey Mike’s traces its roots to 1956, when the original submarine shop opened in Point Pleasant, New Jersey.