Jersey Mike's (NYSE:JMKE) Upgraded to Moderate Buy at Raymond James Financial

Key Points

• Raymond James upgraded Jersey Mike’s to “Moderate Buy,” while the broader analyst consensus remains Moderate Buy with an average price target of $28.32.
• Recent coverage has been broadly bullish: RBC, Evercore and Bank of America issued outperform or buy ratings, with price targets ranging from $27 to $31, citing growth potential and possible market-share gains from Subway.
• Jersey Mike’s shares opened at $22.18, while insider activity was mixed: a chief accounting officer bought 2,500 shares, whereas Abu Dhabi Investment Authority sold 4.41 million shares worth about $96.4 million.

Jersey Mike's (NYSE:JMKE - Get Free Report) was upgraded by investment analysts at Raymond James Financial to a "moderate buy" rating in a report issued on Monday,Zacks.com reports.

Several other brokerages also recently commented on JMKE. Royal Bank Of Canada started coverage on shares of Jersey Mike's in a report on Monday. They set an "outperform" rating and a $28.00 target price on the stock. Evercore started coverage on Jersey Mike's in a report on Monday. They set an "outperform" rating and a $28.00 target price for the company. Wall Street Zen raised Jersey Mike's to a "hold" rating in a research note on Saturday, August 8th. Bank of America assumed coverage on Jersey Mike's in a research report on Monday. They set a "buy" rating and a $27.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Jersey Mike's in a research note on Tuesday. They issued a "neutral" rating and a $26.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $28.32.

Jersey Mike's Stock Performance

Shares of Jersey Mike's stock opened at $22.18 on Monday. Jersey Mike's has a 1 year low of $20.63 and a 1 year high of $24.99.

Insider Buying and Selling

In related news, CAO James J. Whalen purchased 2,500 shares of the firm's stock in a transaction on Friday, July 31st. The stock was purchased at an average cost of $23.00 per share, for a total transaction of $57,500.00. Following the completion of the purchase, the chief accounting officer directly owned 2,500 shares in the company, valued at $57,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $96,381,748.40. Following the transaction, the insider directly owned 36,114,272 shares in the company, valued at $789,096,843.20. This trade represents a 10.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 31,584 shares of company stock worth $726,432.

Key Stories Impacting Jersey Mike's

Here are the key news stories impacting Jersey Mike's this week:

• Positive Sentiment: Multiple firms, including Guggenheim, Truist Financial, Deutsche Bank, Mizuho, Bernstein, Stifel, TD Cowen, BTIG Research, Piper Sandler, Baird and Morgan Stanley, initiated or expanded coverage of Jersey Mike’s. The wave of new research increases institutional visibility and is broadly favorable for the shares. Guggenheim initiates coverage
• Positive Sentiment: Published analyst targets generally imply substantial upside from the stock’s recent trading level. Recent bullish views include Truist’s $30 target, Mizuho’s $31 target, Morgan Stanley and Piper Sandler at $29, and several firms at $27-$28. Goldman Sachs was more cautious with a neutral rating, but still set a $26 target. Jersey Mike’s receives initial analyst ratings
• Positive Sentiment: Analysts say Jersey Mike’s could continue taking market share from Subway, citing visible same-store sales drivers, a strong operating track record and a long runway for restaurant growth. These factors reinforce the investment case for the newly public company. Jersey Mike’s could overtake Subway
• Neutral Sentiment: The large number of coverage initiations follows the end of the IPO quiet period, making the recent analyst activity partly an expected post-IPO event rather than a new operating announcement. Bull ratings after the IPO quiet period
• Negative Sentiment: Short interest rose 92.2% to 5.57 million shares in the first half of August. Although short interest equals only about 1.4% of shares outstanding and represents 1.6 days of average trading volume, the increase signals growing skepticism and could add volatility.

Jersey Mike's Company Profile

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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