Raymond James Financial Issues Pessimistic Forecast for Jersey Mike's (NYSE:JMKE) Stock Price

Key Points

• Raymond James lowered Jersey Mike’s price target from $29 to $26 while maintaining an “outperform” rating, implying approximately 45% upside from the stock’s previous close.
• Jersey Mike’s shares fell $0.40 to $17.92, trading well below their 52-week high of $24.99. Analysts nonetheless maintain a “Moderate Buy” consensus, with an average price target of $27.78.
• Insider activity was mixed: a major shareholder sold 2.57 million shares for roughly $56.2 million, while the CFO purchased 3,000 shares. Over the past 90 days, insider sales significantly exceeded purchases.

Jersey Mike's (NYSE:JMKE - Get Free Report) had its price target lowered by Raymond James Financial from $29.00 to $26.00 in a research report issued on Friday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Raymond James Financial's target price points to a potential upside of 45.11% from the company's previous close.

JMKE has been the topic of a number of other reports. Guggenheim raised their price objective on shares of Jersey Mike's from $28.00 to $29.00 and gave the company a "buy" rating in a research note on Friday, September 11th. Zacks Research upgraded shares of Jersey Mike's to a "hold" rating in a research report on Tuesday, August 25th. BTIG Research reissued a "buy" rating and issued a $28.00 price target on shares of Jersey Mike's in a research note on Thursday, September 10th. Bank of America increased their price target on Jersey Mike's from $27.00 to $29.00 and gave the company a "buy" rating in a research note on Thursday, September 10th. Finally, Loop Capital started coverage on Jersey Mike's in a research report on Monday, August 24th. They issued a "buy" rating and a $40.00 price target on the stock. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $27.78.

Jersey Mike's Stock Performance

Jersey Mike's stock traded down $0.40 during trading hours on Friday, reaching $17.92. 916,278 shares of the company's stock traded hands, compared to its average volume of 3,269,326. 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 fifty-two week low of $15.96 and a fifty-two week high of $24.99. The business's 50 day moving average price is $20.05.

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

Insiders Place Their Bets

In related news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the business'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 transaction, the insider owned 143,699 shares in the company, valued at approximately $3,139,823.15. The trade was a 94.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michele Allen acquired 3,000 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The shares were purchased at an average price of $23.00 per share, with a total value of $69,000.00. Following the acquisition, the chief financial officer owned 1,500 shares of the company's stock, valued at approximately $34,500. This trade represents a -200.00% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 31,584 shares of company stock worth $726,432 and 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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