Jersey Mike’s (NYSE:JMKE) Earns Overweight Rating from Analysts at Morgan Stanley

Equities research analysts at Morgan Stanley began coverage on shares of Jersey Mike’s (NYSE:JMKE) in a research note issued on Monday,Benzinga reports. The firm set an “overweight” rating and a $29.00 price target on the stock. Morgan Stanley’s price target would suggest a potential upside of 21.85% from the company’s current price.

Several other analysts also recently issued reports on JMKE. Wells Fargo & Company began coverage on Jersey Mike’s in a research note on Monday. They set a “neutral” rating and a $25.00 price target for the company. Sanford C. Bernstein started coverage on Jersey Mike’s in a report on Monday. They issued a “market perform” rating and a $26.00 target price for the company. Wolfe Research initiated coverage on Jersey Mike’s in a research report on Monday. They set a “peer perform” rating for the company. Jefferies Financial Group began coverage on Jersey Mike’s in a report on Monday. They set a “positive” rating on the stock. Finally, Piper Sandler initiated coverage on shares of Jersey Mike’s in a research report on Monday. They issued an “overweight” rating and a $29.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.77.

Jersey Mike’s Trading Down 0.3%

Jersey Mike’s stock opened at $23.80 on Monday. Jersey Mike’s has a one year low of $20.63 and a one year high of $24.99.

Insiders Place Their Bets

In other Jersey Mike’s news, CAO James J. Whalen acquired 2,500 shares of Jersey Mike’s stock in a transaction dated Friday, July 31st. The stock was bought at an average cost of $23.00 per share, with a total value of $57,500.00. Following the completion of the transaction, the chief accounting officer owned 2,500 shares of the company’s stock, valued at $57,500. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the completion of the sale, the insider owned 36,114,272 shares in the company, valued at approximately $789,096,843.20. The trade was a 10.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have purchased 31,584 shares of company stock valued at $726,432 in the last three months.

About Jersey Mike’s

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.