Jersey Mike’s (NYSE:JMKE) Rating Lowered to Sell at Wall Street Zen

Jersey Mike’s (NYSE:JMKE) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

JMKE has been the subject of a number of other reports. JPMorgan Chase & Co. assumed coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set an “overweight” rating and a $26.00 price target for the company. UBS Group set a $27.00 price objective on shares of Jersey Mike’s and gave the stock a “buy” rating in a report on Monday, August 24th. Guggenheim assumed coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $28.00 price objective for the company. Wells Fargo & Company started coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set an “equal weight” rating and a $25.00 price objective for the company. Finally, 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 target price for the company. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Jersey Mike’s has an average rating of “Moderate Buy” and a consensus price target of $28.35.

Jersey Mike’s Price Performance

Shares of NYSE:JMKE opened at $20.81 on Friday. Jersey Mike’s has a 12-month low of $19.86 and a 12-month high of $24.99.

Insider Buying and Selling

In other news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michele Allen purchased 10,000 shares of Jersey Mike’s stock in a transaction dated Friday, July 31st. The shares were acquired at an average cost of $23.00 per share, for a total transaction of $230,000.00. Following the transaction, the chief financial officer directly owned 10,043 shares of the company’s stock, valued at approximately $230,989. This represents a 23,255.81% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 31,584 shares of company stock worth $726,432 and sold 9,938,318 shares worth $217,152,248.

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.