Jefferies Financial Group Cuts Jersey Mike’s (NYSE:JMKE) Price Target to $24.00

Jersey Mike’s (NYSE:JMKE) had its target price trimmed by Jefferies Financial Group from $26.00 to $24.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts also recently commented on the stock. Truist Financial began coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set a “buy” rating and a $30.00 price objective on the stock. TD Cowen reaffirmed a “buy” rating and issued a $26.00 target price on shares of Jersey Mike’s in a report on Wednesday, September 9th. Tigress Financial lifted their price target on shares of Jersey Mike’s from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 11th. JPMorgan Chase & Co. started coverage on Jersey Mike’s in a research note on Monday, August 24th. They set an “overweight” rating and a $26.00 price target on the stock. Finally, BTIG Research restated a “buy” rating and issued a $28.00 price target on shares of Jersey Mike’s in a report on Thursday, September 10th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.09.

Jersey Mike’s Price Performance

Jersey Mike’s stock opened at $16.75 on Tuesday. Jersey Mike’s has a one year low of $16.45 and a one year high of $24.99. The firm has a fifty day simple moving average of $21.08.

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

Insider Buying and Selling at Jersey Mike’s

In other news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the company’s 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 directly owned 143,699 shares in the company, valued at $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michele Allen acquired 10,000 shares of the firm’s stock in a transaction that occurred 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 approximately $230,989. The trade was a 23,255.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 31,584 shares of company stock worth $726,432 and 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.