Jersey Mike's (NYSE:JMKE) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Jersey Mike’s from “hold” to “sell,” contrasting with the broader analyst consensus of “Moderate Buy” and a $28.35 average price target.
• Several firms recently initiated coverage with positive ratings, including “outperform,” “buy,” and “overweight,” with price targets ranging from $26 to $29.
• JMKE opened at $20.81, near its 52-week low of $19.86, while major shareholders sold nearly 9.94 million shares worth approximately $217.2 million over the past 90 days.

Jersey Mike's (NYSE:JMKE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

JMKE has been the topic of a number of other reports. Royal Bank Of Canada began coverage on Jersey Mike's in a research note on Monday, August 24th. They issued an "outperform" rating and a $28.00 price target on the stock. Raymond James Financial assumed coverage on shares of Jersey Mike's in a research note on Monday, August 24th. They set an "outperform" rating and a $29.00 price objective for the company. Sanford C. Bernstein began coverage on shares of Jersey Mike's in a research note on Monday, August 24th. They set a "market perform" rating and a $26.00 price objective for the company. Stifel Nicolaus initiated coverage on shares of Jersey Mike's in a report on Monday, August 24th. They set a "buy" rating and a $27.00 price objective on the stock. Finally, Morgan Stanley began coverage on shares of Jersey Mike's in a research report on Monday, August 24th. They issued an "overweight" rating and a $29.00 target price on the stock. Twenty-one equities research 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, Jersey Mike's presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.35.

Jersey Mike's Stock Performance

JMKE stock opened at $20.81 on Friday. Jersey Mike's has a 52-week low of $19.86 and a 52-week high of $24.99.

Insiders Place Their Bets

In related news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.85, for a total value of $96,381,748.40. Following the completion of the sale, the insider directly owned 36,114,272 shares in the company, valued at approximately $789,096,843.20. This represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the stock in a transaction on 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 sale, the insider owned 143,699 shares of the company's stock, valued at approximately $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have bought 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $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.

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