JPMorgan Chase & Co. Cuts Jersey Mike’s (NYSE:JMKE) Price Target to $24.00

Jersey Mike’s (NYSE:JMKE) had its target price cut by JPMorgan Chase & Co. from $26.00 to $24.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently issued reports on JMKE. Morgan Stanley began coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set an “overweight” rating and a $29.00 price objective for the company. Wall Street Zen raised Jersey Mike’s from a “sell” rating to a “hold” rating in a report on Sunday, September 13th. Melius Research initiated coverage on 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. Robert W. Baird began coverage on Jersey Mike’s in a report on Monday, August 24th. They issued an “outperform” rating and a $27.00 target price on the stock. Finally, BTIG Research reaffirmed a “buy” rating and set a $28.00 target price on shares of Jersey Mike’s in a research report on Thursday, September 10th. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.09.

Jersey Mike’s Trading Down 0.4%

Shares of JMKE opened at $16.75 on Tuesday. Jersey Mike’s has a 12-month low of $16.45 and a 12-month high of $24.99. The stock has a fifty day moving average price of $21.08.

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

Insider Buying and Selling at Jersey Mike’s

In other Jersey Mike’s news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.85, for a total value of $96,381,748.40. Following the completion of the sale, the insider directly owned 36,114,272 shares of the company’s stock, valued at approximately $789,096,843.20. This represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michele Allen acquired 10,000 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was purchased at an average price of $23.00 per share, with a total value of $230,000.00. Following the purchase, the chief financial officer owned 10,043 shares in the company, valued at approximately $230,989. The trade was a 23,255.81% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 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 an American fast-casual restaurant company best known for submarine sandwiches made to order. Its menu typically includes cold subs, cheesesteaks, wraps, salads, sides, beverages and catering options. The brand emphasizes freshly sliced meats and cheeses, along with its signature “Mike’s Way” preparation featuring onions, lettuce, tomatoes, oil, vinegar and spices.

The company traces its roots to 1956, when the original Mike’s Submarines opened in Point Pleasant, New Jersey.