TD Cowen Issues Pessimistic Forecast for Jersey Mike’s (NYSE:JMKE) Stock Price

Jersey Mike’s (NYSE:JMKE) had its price objective cut by analysts at TD Cowen from $26.00 to $22.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 26.63% from the company’s previous close.

JMKE has been the topic of several other research reports. Melius Research began coverage on shares of Jersey Mike’s in a report on Thursday, July 30th. They issued a “buy” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on Jersey Mike’s from $26.00 to $24.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 29th. Jefferies Financial Group dropped their price objective on Jersey Mike’s from $26.00 to $24.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 29th. Loop Capital initiated coverage on Jersey Mike’s in a research note on Monday, August 24th. They set a “buy” rating and a $40.00 target price for the company. Finally, Robert W. Baird assumed 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. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Jersey Mike’s currently has a consensus rating of “Moderate Buy” and an average price target of $27.91.

Jersey Mike’s Stock Up 6.0%

Shares of Jersey Mike’s stock opened at $17.37 on Wednesday. Jersey Mike’s has a 12-month low of $15.96 and a 12-month high of $24.99. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.82 and a quick ratio of 1.82. The stock’s 50 day moving average is $20.61.

Jersey Mike’s (NYSE:JMKE) last released its quarterly earnings results on Wednesday, September 9th. The company reported $3,700.00 EPS for the quarter. The firm had revenue of $208.00 million during the quarter. On average, analysts predict that Jersey Mike’s will post 0.65 EPS for the current fiscal year.

Insider Activity at Jersey Mike’s

In other news, major shareholder Abu Dhabi Investment Authority sold 382,134 shares of the business’s 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 $8,349,627.90. Following the sale, the insider directly owned 35,732,138 shares in the company, valued at approximately $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 accessible through the SEC website. Also, CFO Michele Allen bought 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average price of $23.00 per share, with a total value of $69,000.00. Following the completion of the purchase, the chief financial officer directly owned 1,500 shares of the company’s stock, valued at $34,500. This represents a -200.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 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

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.