Jersey Mike’s (NYSE:JMKE) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Jersey Mike’s (NYSE:JMKE) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

A number of other brokerages also recently issued reports on JMKE. JPMorgan Chase & Co. initiated coverage on Jersey Mike’s in a report on Monday, August 24th. They set an “overweight” rating and a $26.00 price target on the stock. Stifel Nicolaus assumed coverage on Jersey Mike’s in a report on Monday, August 24th. They issued a “buy” rating and a $27.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Jersey Mike’s in a research report on Monday, August 24th. They issued a “buy” rating and a $27.00 price objective on the stock. Mizuho assumed coverage on Jersey Mike’s in a report on Monday, August 24th. They set an “outperform” rating and a $31.00 target price for the company. Finally, The Goldman Sachs Group initiated coverage on Jersey Mike’s in a research note on Tuesday, August 25th. They issued a “neutral” rating and a $26.00 price target for the company. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Jersey Mike’s presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.35.

Jersey Mike’s Price Performance

JMKE stock opened at $20.81 on Friday. Jersey Mike’s has a 12-month low of $19.86 and a 12-month high of $24.99.

Insider Buying and Selling at Jersey Mike’s

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 143,699 shares in the company, valued at $3,139,823.15. This trade represents a 94.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michele Allen purchased 10,000 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were acquired at an average cost of $23.00 per share, with a total value of $230,000.00. Following the completion of the transaction, the chief financial officer owned 10,043 shares in the company, valued at $230,989. This trade represents a 23,255.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 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

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.