Jersey Mike’s (NYSE:JMKE) Coverage Initiated at Morgan Stanley

Investment analysts at Morgan Stanley began coverage on shares of Jersey Mike’s (NYSE:JMKE) in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage set an “overweight” rating and a $29.00 price target on the stock. Morgan Stanley’s target price would indicate a potential upside of 21.85% from the stock’s current price.

Several other analysts have also recently weighed in on JMKE. Mizuho assumed coverage on shares of Jersey Mike’s in a research note on Monday. They set an “outperform” rating and a $31.00 price objective on the stock. Wall Street Zen upgraded shares of Jersey Mike’s to a “hold” rating in a research note on Saturday, August 8th. Sanford C. Bernstein started coverage on Jersey Mike’s in a report on Monday. They issued a “market perform” rating and a $26.00 target price on the stock. Stifel Nicolaus began coverage on Jersey Mike’s in a research report on Monday. They set a “buy” rating and a $27.00 price target on the stock. Finally, Melius Research began coverage on Jersey Mike’s in a report on Thursday, July 30th. They set a “buy” rating and a $30.00 price target for the company. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.77.

Jersey Mike’s Price Performance

Shares of Jersey Mike’s stock opened at $23.80 on Monday. Jersey Mike’s has a 12-month low of $20.63 and a 12-month high of $24.99.

Insider Activity at Jersey Mike’s

In related news, CFO Michele Allen bought 3,000 shares of the company’s stock in a transaction on Friday, July 31st. The stock was bought at an average cost of $23.00 per share, with a total value of $69,000.00. Following the completion of the purchase, the chief financial officer owned 1,500 shares in the company, valued at approximately $34,500. The trade was a -200.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the completion of the transaction, the insider directly owned 36,114,272 shares of the company’s stock, valued at approximately $789,096,843.20. This represents a 10.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have bought 31,584 shares of company stock worth $726,432.

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.