Jersey Mike’s (NYSE:JMKE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Jersey Mike’s (NYSE:JMKE) from a sell rating to a hold rating in a research report released on Sunday,Wall Street Zen reports.

Other equities analysts have also issued research reports about the stock. Robert W. Baird started coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set an “outperform” rating and a $27.00 price objective on the stock. Evercore started coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued an “outperform” rating and a $28.00 target price for the company. Wells Fargo & Company initiated coverage on Jersey Mike’s in a research report on Monday, August 24th. They issued an “equal weight” rating and a $25.00 target price for the company. JPMorgan Chase & Co. began 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, The Goldman Sachs Group initiated coverage on Jersey Mike’s in a report on Tuesday, August 25th. They issued a “neutral” rating and a $26.00 price target on the stock. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $28.52.

Jersey Mike’s Stock Down 5.0%

Jersey Mike’s stock opened at $20.67 on Friday. Jersey Mike’s has a 12-month low of $19.86 and a 12-month high of $24.99.

Insiders Place Their Bets

In other Jersey Mike’s news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the business’s stock in a transaction that occurred on 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 sale, the insider directly owned 36,114,272 shares of the company’s stock, valued at approximately $789,096,843.20. The trade was a 10.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michele Allen acquired 10,000 shares of the stock in a transaction dated Friday, July 31st. The stock was bought at an average cost of $23.00 per share, with a total value of $230,000.00. Following the completion of 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. In the last 90 days, insiders have purchased 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 a fast-casual restaurant company specializing in made-to-order submarine sandwiches. Its menu includes cold subs, cheesesteaks, wraps, salads, sides and beverages, with sandwiches prepared using sliced-to-order meats and cheeses, fresh vegetables and the company’s signature “Mike’s Way” dressing of onions, lettuce, tomatoes, vinegar and olive oil.

The business traces its roots to a neighborhood sub shop in Point Pleasant, New Jersey, which was established in 1956. Peter Cancro acquired the shop as a teenager in 1971 and developed it into the Jersey Mike’s brand.