Insider Selling: Jersey Mike's (NYSE:JMKE) Major Shareholder Sells 2,572,560 Shares of Stock

Key Points

• Blackstone II sold 2,572,560 Jersey Mike’s shares at an average of $21.85, generating $56.2 million. The sale reduced its position by 94.71%, leaving it with 143,699 shares.
• Jersey Mike’s shares rose 0.7% to $22.36, within a 52-week range of $20.63 to $24.99.
• Analyst sentiment remains positive, with JPMorgan and TD Cowen initiating coverage with “overweight” and “buy” ratings, respectively. The stock has a “Moderate Buy” consensus rating and an average price target of $28.35.

Jersey Mike's (NYSE:JMKE - Get Free Report) major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the company's 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 trade represents a 94.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Holdings L.P. Blackstone II also recently made the following trade(s):

• On Friday, July 31st, Holdings L.P. Blackstone II sold 29,695,652 shares of Jersey Mike's stock. The stock was sold at an average price of $21.85, for a total value of $648,849,996.20.

Jersey Mike's Stock Up 0.7%

NYSE:JMKE traded up $0.15 during mid-day trading on Wednesday, reaching $22.36. 1,877,973 shares of the stock were exchanged, compared to its average volume of 3,252,663. Jersey Mike's has a 1-year low of $20.63 and a 1-year high of $24.99.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on JMKE shares. JPMorgan Chase & Co. initiated coverage on shares of Jersey Mike's in a research note on Monday. They issued an "overweight" rating and a $26.00 price objective on the stock. TD Cowen initiated coverage on shares of Jersey Mike's in a research note on Monday. They set a "buy" rating and a $26.00 target price for the company. Wall Street Zen upgraded shares of Jersey Mike's to a "hold" rating in a report on Saturday, August 8th. Truist Financial assumed coverage on shares of Jersey Mike's in a research report on Monday. They issued a "buy" rating and a $30.00 price target on the stock. Finally, Wolfe Research initiated coverage on Jersey Mike's in a report on Monday. They issued a "peer perform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $28.35.

More Jersey Mike's News

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

• Positive Sentiment: New bullish coverage: Tigress Financial initiated coverage with a Buy rating and a $29 price target, implying roughly 31% upside from the stock’s recent level. Benzinga article
• Positive Sentiment: Raymond James began coverage with a Moderate Buy rating and a $29 target, adding to the growing group of analysts expecting meaningful appreciation. Benzinga article
• Positive Sentiment: Coverage was also initiated by Guggenheim, Truist Financial, Deutsche Bank, Mizuho, Bernstein, Stifel, TD Cowen, BTIG, Piper Sandler, Robert W. Baird, and Morgan Stanley. The breadth of coverage increases institutional visibility for JMKE. Guggenheim article
• Positive Sentiment: Recent bullish targets include $28 from RBC and $27-$29 from Jefferies, UBS, and Bank of America. Analysts cite Jersey Mike’s scalable, high-margin franchise model and substantial domestic and international expansion opportunity. Proactive Investors article
• Positive Sentiment: Analysts have suggested Jersey Mike’s could eventually challenge Subway as the leading sandwich chain, reinforcing the long-term growth narrative. MSN article

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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