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

Jersey Mike’s (NYSE:JMKE) shares reached a new 52-week low on Tuesday . The company traded as low as $18.60 and last traded at $19.14, with a volume of 4066783 shares. The stock had previously closed at $19.58.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on JMKE shares. Melius Research initiated coverage on shares of Jersey Mike’s in a research note on Thursday, July 30th. They issued a “buy” rating and a $30.00 price objective for the company. TD Cowen reiterated a “buy” rating and set a $26.00 target price on shares of Jersey Mike’s in a research report on Wednesday, September 9th. Wolfe Research began coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They issued a “peer perform” rating on the stock. Loop Capital initiated coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They issued a “buy” rating and a $40.00 price target for the company. Finally, Sanford C. Bernstein raised their price target on shares of Jersey Mike’s from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Thursday, September 10th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Jersey Mike’s currently has a consensus rating of “Moderate Buy” and an average target price of $28.52.

Jersey Mike’s Stock Performance

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

Insider Activity

In other news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the firm’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 transaction of $56,210,436.00. Following the completion of the sale, the insider owned 143,699 shares of the company’s stock, valued at approximately $3,139,823.15. This trade represents a 94.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Stacy Peterson acquired 15,000 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, with a total value of $345,000.00. Following the acquisition, the chief operating officer 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. In the last three months, insiders purchased 31,584 shares of company stock valued at $726,432 and 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.