Jersey Mike’s (NYSE:JMKE) Price Target Raised to $30.00

Jersey Mike’s (NYSE:JMKE) had its price objective increased by Tigress Financial from $29.00 to $30.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Tigress Financial’s target price would indicate a potential upside of 36.49% from the stock’s previous close.

A number of other research firms also recently commented on JMKE. William Blair restated an “outperform” rating on shares of Jersey Mike’s in a research note on Wednesday. Wolfe Research assumed coverage on Jersey Mike’s in a report on Monday, August 24th. They set a “peer perform” rating on the stock. Jefferies Financial Group assumed coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set a “buy” rating and a $29.00 target price for the company. Royal Bank Of Canada increased their price objective on Jersey Mike’s from $28.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Wells Fargo & Company assumed coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued an “equal weight” rating and a $25.00 price target for the company. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.52.

Jersey Mike’s Price Performance

Jersey Mike’s stock traded up $0.11 during midday trading on Friday, reaching $21.98. The stock had a trading volume of 748,467 shares, compared to its average volume of 3,118,491. Jersey Mike’s has a 1-year low of $19.86 and a 1-year high of $24.99.

Insider Activity at Jersey Mike’s

In other Jersey Mike’s news, CFO Michele Allen bought 3,000 shares of Jersey Mike’s stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of $23.00 per share, with a total value of $69,000.00. Following the acquisition, the chief financial officer directly owned 1,500 shares of the company’s stock, valued at $34,500. The trade was a -200.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $56,210,436.00. Following the completion of the sale, the insider directly owned 143,699 shares in the company, 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 90 days, insiders have acquired 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $217,152,248.

Key Stories Impacting Jersey Mike’s

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

• Positive Sentiment: Strong quarterly performance and outlook: Second-quarter adjusted earnings beat expectations, while revenue increased 10% year over year to $208 million, narrowly missing estimates. Same-store sales rose 2.3%, systemwide sales reached $1.21 billion, and the company opened 83 stores. Management forecast same-store sales growth of 3% to 4% in the current quarter, above its full-year expectation of 2.5% to 3.0%. Jersey Mike’s profit beats estimates, shares jump on strong guidance
• Positive Sentiment: Analysts continue raising targets: Guggenheim raised its target from $28 to $29 and initiated a Buy rating. Bank of America and RBC also raised their targets to $29, while Bernstein increased its target to $27. BTIG reaffirmed Buy with a $28 target. These targets represent roughly 22% to 32% potential upside from recent trading levels. Analysts raise forecasts after Q2 results
• Positive Sentiment: Options activity signals bullish speculation: Reports of unusually heavy call-option buying suggest some traders are positioning for additional gains, although options activity can be short term and does not guarantee future performance. Stock traders buy high volume of call options
• Neutral Sentiment: TD Cowen maintained its Buy rating following the earnings report, reinforcing the generally positive analyst view without providing a new catalyst. TD Cowen remains a Buy
• Negative Sentiment: Risks remain: Mizuho lowered its target from $31 to $29 despite retaining an Outperform rating, and reported insider activity shows significant selling with no purchases over the past six months. Revenue also slightly missed expectations, which could temper enthusiasm if growth slows.

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.