Jersey Mike’s (NYSE:JMKE) Price Target Raised to $27.00 at Sanford C. Bernstein

Jersey Mike’s (NYSE:JMKE) had its target price hoisted by analysts at Sanford C. Bernstein from $26.00 to $27.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “market perform” rating on the stock. Sanford C. Bernstein’s price target points to a potential upside of 22.51% from the stock’s previous close.

Several other research firms have also recently issued reports on JMKE. Morgan Stanley assumed coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set an “overweight” rating and a $29.00 price target for the company. Raymond James Financial assumed coverage on Jersey Mike’s in a research report on Monday, August 24th. They set an “outperform” rating and a $29.00 target price on the stock. Melius Research started coverage on Jersey Mike’s in a research note on Thursday, July 30th. They set a “buy” rating and a $30.00 target price for the company. Zacks Research raised Jersey Mike’s to a “hold” rating in a report on Tuesday, August 25th. Finally, Guggenheim initiated coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $28.00 price target on the stock. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.48.

Jersey Mike’s Stock Performance

Jersey Mike’s stock traded down $0.33 during trading hours on Thursday, reaching $22.04. 791,049 shares of the stock were exchanged, compared to its average volume of 3,099,506. Jersey Mike’s has a 52-week low of $19.86 and a 52-week high of $24.99.

Insiders Place Their Bets

In other news, CFO Michele Allen acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average cost of $23.00 per share, with a total value of $69,000.00. Following the purchase, the chief financial officer directly owned 1,500 shares of the company’s stock, valued at approximately $34,500. This trade represents a -200.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the business’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 sale, the insider owned 143,699 shares in the company, valued at approximately $3,139,823.15. The trade was a 94.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have acquired 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $217,152,248.

Jersey Mike’s News Summary

Here are the key news stories impacting Jersey Mike’s this week:

• Positive Sentiment: Encouraging operating growth: Second-quarter same-store sales rose 2.3%, systemwide sales increased 10% to $1.21 billion, and revenue climbed 10% to $208 million. Jersey Mike’s also opened 83 stores, lifting net unit growth to 8.1% year over year. Jersey Mike’s Reports Second Quarter Financial Results
• Positive Sentiment: Strong outlook: Management projected full-year same-store sales growth of 2.5% to 3.0% and expects third-quarter growth of 3.0% to 4.0%, suggesting accelerating momentum. Adjusted profit also exceeded analyst expectations. Jersey Mike’s profit beats estimates, shares jump on strong guidance
• Positive Sentiment: Analyst optimism: Bank of America raised its price target to $29 and initiated a “buy” rating, while BTIG reaffirmed “buy” with a $28 target. TD Cowen also maintained its “buy” rating with a $26 target, reinforcing bullish sentiment.
• Positive Sentiment: Speculative demand: Traders purchased 4,490 call options, substantially above the stock’s typical daily call-option volume, indicating increased bullish positioning.
• Neutral Sentiment: Growth-versus-valuation debate: Recent analysis recognizes Jersey Mike’s expansion potential but questions whether the current valuation fully reflects that growth, creating a potential reason for investors to wait. Jersey Mike’s: Growth Runway Is Real, But I Prefer To Wait
• Negative Sentiment: Profitability concerns: Net income declined from the prior-year period, and quarterly revenue was slightly below expectations. Separately, reported insider activity showed sales and no open-market purchases over the past six months, which may weigh on sentiment.

Jersey Mike’s Company Profile

We are Jersey Mike’s: A high-growth franchisor of fast casual, submarine-style sandwich restaurants specializing in authentic, hand-crafted, craveable subs. Built over 70 years on one uncompromising belief – that a truly great sub sandwich can change your day and that a truly great brand changes its community – Jersey Mike’s is now one of the largest and fastest-growing limited-service restaurant brands based on U.S. systemwide sales and unit growth, with 3,300 stores across all 50 states and two countries – nearly all of which are franchised.