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

Jersey Mike’s (NYSE:JMKE) had its price objective reduced by research analysts at Guggenheim from $29.00 to $28.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim‘s target price suggests a potential upside of 49.00% from the company’s current price.

Other research analysts also recently issued reports about the company. William Blair restated an “outperform” rating on shares of Jersey Mike’s in a research note on Wednesday, September 9th. Loop Capital started coverage on Jersey Mike’s in a research note on Monday, August 24th. They set a “buy” rating and a $40.00 price objective on the stock. Bank of America increased their price objective on Jersey Mike’s from $27.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, September 10th. Piper Sandler began coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They issued an “overweight” rating and a $29.00 target price for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Jersey Mike’s in a report on Tuesday, August 25th. They set a “neutral” rating and a $26.00 target price on the stock. Twenty-one research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Jersey Mike’s has an average rating of “Moderate Buy” and a consensus price target of $26.91.

Jersey Mike’s Price Performance

Shares of NYSE:JMKE opened at $18.79 on Tuesday. The business’s 50-day simple moving average is $18.92. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.36. Jersey Mike’s has a one year low of $15.96 and a one year high of $24.99.

Jersey Mike’s (NYSE:JMKE) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.07. The company had revenue of $209.00 million during the quarter. Jersey Mike’s’s revenue was up 10.0% on a year-over-year basis. As a group, equities analysts predict that Jersey Mike’s will post 0.65 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $21.85, for a total value of $56,210,436.00. Following the sale, the insider owned 143,699 shares in the company, valued at approximately $3,139,823.15. This represents a 94.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the firm’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 $56,210,436.00. Following the sale, the insider directly owned 143,699 shares of the company’s stock, valued at $3,139,823.15. This represents a 94.71% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 5,527,254 shares of company stock valued at $120,770,500.

Jersey Mike’s Company Profile

Jersey Mike’s, commonly known as Jersey Mike’s Subs, is a fast-casual restaurant company focused on submarine sandwiches and related food offerings. Its menu includes hot and cold subs, wraps, salads, beverages and desserts, with catering services also available at many locations.

The business operates primarily through a franchise-based model under the Jersey Mike’s Subs brand. Restaurants are known for preparing sandwiches to order, including sliced meats and cheeses, fresh vegetables and the company’s signature “Mike’s Way” preparation.

Jersey Mike’s traces its roots to 1956, when the original submarine shop opened in Point Pleasant, New Jersey.