Jersey Mike’s (NYSE:JMKE) Shares Down 4.2% – Here’s What Happened

Jersey Mike’s (NYSE:JMKE)’s share price was down 4.2% during trading on Monday . The company traded as low as $18.80 and last traded at $18.7630. Approximately 579,899 shares were traded during mid-day trading, a decline of 82% from the average session volume of 3,145,661 shares. The stock had previously closed at $19.58.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wells Fargo & Company began coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set an “equal weight” rating and a $25.00 target price for the company. Evercore initiated coverage on Jersey Mike’s in a research report on Monday, August 24th. They set an “outperform” rating and a $28.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $27.00 price target on the stock. Zacks Research raised Jersey Mike’s to a “hold” rating in a research note on Tuesday, August 25th. Finally, Truist Financial started coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $30.00 target price on the stock. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.52.

Jersey Mike’s Stock Performance

Insider Activity at Jersey Mike’s

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of Jersey Mike’s stock in a transaction dated 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 completion of the sale, the insider directly owned 143,699 shares in the company, valued at approximately $3,139,823.15. This trade represents a 94.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michele Allen purchased 3,000 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $23.00 per share, for a total transaction of $69,000.00. Following the acquisition, 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 31,584 shares of company stock valued at $726,432 and sold 9,938,318 shares valued at $217,152,248.

About Jersey Mike’s

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.