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

Wall Street Zen downgraded shares of Jersey Mike’s (NYSE:JMKE) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

Several other research firms have also recently weighed in on JMKE. Deutsche Bank Aktiengesellschaft initiated coverage on Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $27.00 price objective for the company. Morgan Stanley started coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued an “overweight” rating and a $29.00 target price on the stock. The Goldman Sachs Group began coverage on Jersey Mike’s in a research report on Tuesday, August 25th. They set a “neutral” rating and a $26.00 price target for the company. Tigress Financial started coverage on shares of Jersey Mike’s in a research note on Wednesday, August 26th. They set a “buy” rating and a $29.00 price target for the company. Finally, JPMorgan Chase & Co. assumed coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They issued an “overweight” rating and a $26.00 price objective on the stock. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.35.

Jersey Mike’s Stock Up 3.7%

JMKE stock opened at $20.81 on Friday. Jersey Mike’s has a 1 year low of $19.86 and a 1 year high of $24.99.

Insider Buying and Selling

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the stock in a transaction that occurred 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 transaction, the insider directly 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 SEC, which is accessible through this hyperlink. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total value of $56,210,436.00. Following the transaction, the insider directly owned 143,699 shares of the company’s stock, valued at $3,139,823.15. This trade represents a 94.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have purchased 31,584 shares of company stock worth $726,432 and have 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.