Jersey Mike's (NYSE:JMKE) Earns "Buy" Rating from Tigress Financial

Key Points

• Tigress Financial reiterated its Buy rating on Jersey Mike’s and set a $30 price target, implying about 52% upside from the prior close.
• Analyst sentiment is broadly positive: 21 analysts rate the stock Buy, five Hold and one Sell, for a Moderate Buy consensus and an average target of $26.91.
• Jersey Mike’s beat quarterly EPS estimates, reporting $0.23 per share versus $0.16 expected, while revenue rose 10% year over year. Major shareholders have also sold shares recently, including a 2.57 million-share sale by Submarine Buyer LLC.

Jersey Mike's (NYSE:JMKE - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Tigress Financial in a note issued to investors on Tuesday, Benzinga reports. They currently have a $30.00 target price on the stock. Tigress Financial's target price points to a potential upside of 51.99% from the stock's previous close.

A number of other equities analysts also recently weighed in on JMKE. Robert W. Baird assumed coverage on shares of Jersey Mike's in a research note on Monday, August 24th. They set an "outperform" rating and a $27.00 target price for the company. Bank of America upped their price target on Jersey Mike's from $27.00 to $29.00 and gave the stock a "buy" rating in a research note on Thursday, September 10th. Stifel Nicolaus cut their price target on Jersey Mike's from $27.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, October 29th. UBS Group set a $25.00 price objective on Jersey Mike's in a research report on Thursday, October 29th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Jersey Mike's in a research note on Monday, August 24th. They set a "buy" rating and a $27.00 price objective for the company. Twenty-one research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.91.

Jersey Mike's Stock Performance

Shares of JMKE stock traded up $0.93 during mid-day trading on Tuesday, reaching $19.74. 2,459,634 shares of the company's stock traded hands, compared to its average volume of 3,302,652. The firm's 50-day simple moving average is $18.92. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.36. Jersey Mike's has a 12 month low of $15.96 and a 12 month high of $24.99.

Jersey Mike's (NYSE:JMKE - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.07. The business had revenue of $209.00 million during the quarter. Jersey Mike's's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities analysts expect that Jersey Mike's will post 0.65 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total transaction of $56,210,436.00. Following the completion of the sale, the insider owned 143,699 shares of the company's stock, valued at $3,139,823.15. This trade 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 at the SEC website. Also, major shareholder Abu Dhabi Investment Authority sold 382,134 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $21.85, for a total transaction of $8,349,627.90. Following the completion of the transaction, the insider owned 35,732,138 shares of the company's stock, valued at approximately $780,747,215.30. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,527,254 shares of company stock worth $120,770,500 over the last 90 days.

Jersey Mike's Company Profile

Jersey Mike's, commonly known as Jersey Mike's Subs, is a fast-casual restaurant company focused on submarine sandwiches and related food offerings. Its menu includes hot and cold subs, wraps, salads, beverages and desserts, with catering services also available at many locations.

The business operates primarily through a franchise-based model under the Jersey Mike's Subs brand. Restaurants are known for preparing sandwiches to order, including sliced meats and cheeses, fresh vegetables and the company's signature “Mike's Way” preparation.

Jersey Mike's traces its roots to 1956, when the original submarine shop opened in Point Pleasant, New Jersey.

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