Tigress Financial Forecasts Strong Price Appreciation for Jersey Mike’s (NYSE:JMKE) Stock

Jersey Mike’s (NYSE:JMKE) had its price target lifted by stock analysts at Tigress Financial from $29.00 to $30.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Tigress Financial’s target price would indicate a potential upside of 36.49% from the company’s current price.

Several other analysts also recently commented on the stock. Truist Financial started 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. 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 target price on the stock. Stifel Nicolaus assumed coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They set a “buy” rating and a $27.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $27.00 target price for the company. Finally, Mizuho cut their price target on shares of Jersey Mike’s from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Thursday. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Jersey Mike’s currently has a consensus rating of “Moderate Buy” and an average price target of $28.52.

Jersey Mike’s Stock Performance

Shares of JMKE traded up $0.11 on Friday, reaching $21.98. The company’s stock had a trading volume of 748,467 shares, compared to its average volume of 3,118,491. Jersey Mike’s has a twelve month low of $19.86 and a twelve month high of $24.99.

Insider Buying and Selling

In other Jersey Mike’s news, major shareholder Abu Dhabi Investment Authority sold 382,134 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total value of $8,349,627.90. Following the completion of the sale, the insider directly owned 35,732,138 shares of the company’s stock, valued at $780,747,215.30. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the firm’s stock in a transaction dated 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 in the company, valued at $3,139,823.15. This trade represents a 94.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have bought 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $217,152,248.

Key Jersey Mike’s News

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.