Jersey Mike's (NYSE:JMKE) Given New $22.00 Price Target at TD Cowen

Key Points

• TD Cowen lowered Jersey Mike’s price target from $26 to $22 while maintaining a “buy” rating, implying approximately 33.93% upside from the stock’s $16.43 price.
• Analyst sentiment remains broadly positive: 21 analysts rate the stock a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $27.91.
• Insider activity was mixed, with the COO purchasing 15,000 shares for $345,000 while Blackstone sold 2.57 million shares for approximately $56.2 million; total insider sales over the past three months significantly exceeded purchases.

Jersey Mike's (NYSE:JMKE - Get Free Report) had its target price cut by investment analysts at TD Cowen from $26.00 to $22.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's price objective would suggest a potential upside of 33.93% from the company's current price.

Several other equities analysts have also recently issued reports on JMKE. Zacks Research upgraded Jersey Mike's to a "hold" rating in a research report on Tuesday, August 25th. Stifel Nicolaus assumed coverage on Jersey Mike's in a research note on Monday, August 24th. They set a "buy" rating and a $27.00 target price for the company. Raymond James Financial started coverage on Jersey Mike's in a report on Monday, August 24th. They set an "outperform" rating and a $29.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Jersey Mike's in a report on Monday, August 24th. They issued a "buy" rating and a $27.00 price target for the company. Finally, Sanford C. Bernstein raised their price objective on shares of Jersey Mike's from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Thursday, September 10th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Jersey Mike's presently has an average rating of "Moderate Buy" and an average price target of $27.91.

Jersey Mike's Price Performance

Jersey Mike's stock opened at $16.43 on Wednesday. Jersey Mike's has a 52 week low of $15.96 and a 52 week high of $24.99. The firm's 50-day moving average is $20.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.82 and a current ratio of 1.82.

Jersey Mike's (NYSE:JMKE - Get Free Report) last posted its quarterly earnings data on Wednesday, September 9th. The company reported $3,700.00 earnings per share (EPS) for the quarter. The company had revenue of $208.00 million during the quarter. Equities research analysts forecast that Jersey Mike's will post 0.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Stacy Peterson purchased 15,000 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The stock was acquired at an average price of $23.00 per share, for a total transaction of $345,000.00. Following the transaction, the chief operating officer directly owned 15,000 shares of the company's stock, valued at $345,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 transaction, the insider directly owned 143,699 shares in the company, valued at $3,139,823.15. This represents a 94.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have acquired 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 an American fast-casual restaurant company best known for submarine sandwiches made to order. Its menu typically includes cold subs, cheesesteaks, wraps, salads, sides, beverages and catering options. The brand emphasizes freshly sliced meats and cheeses, along with its signature “Mike's Way” preparation featuring onions, lettuce, tomatoes, oil, vinegar and spices.

The company traces its roots to 1956, when the original Mike's Submarines opened in Point Pleasant, New Jersey.

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