Jersey Mike’s (NYSE:JMKE) Sets New 12-Month Low – Here’s Why

Jersey Mike’s (NYSE:JMKE)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $19.73 and last traded at $19.8450, with a volume of 1637849 shares changing hands. The stock had previously closed at $20.75.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. The Goldman Sachs Group assumed coverage on Jersey Mike’s in a research report on Tuesday, August 25th. They set a “neutral” rating and a $26.00 price objective for the company. Mizuho reduced their target price on shares of Jersey Mike’s from $31.00 to $29.00 and set an “outperform” rating on the stock in a report on Thursday, September 10th. Robert W. Baird began coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They set an “outperform” rating and a $27.00 price target on the stock. 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 target for the company. Finally, William Blair reissued an “outperform” rating on shares of Jersey Mike’s in a research report on Wednesday, September 9th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.52.

Jersey Mike’s Stock Down 3.2%

Insider Activity

In other Jersey Mike’s news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the transaction, the insider owned 36,114,272 shares of the company’s stock, valued at $789,096,843.20. This trade represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michele Allen purchased 10,000 shares of the business’s stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $23.00 per share, for a total transaction of $230,000.00. Following the purchase, the chief financial officer owned 10,043 shares of the company’s stock, valued at $230,989. This trade represents a 23,255.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 31,584 shares of company stock valued at $726,432 and have sold 9,938,318 shares valued at $217,152,248.

About Jersey Mike’s

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.