Jersey Mike's (NYSE:JMKE) Major Shareholder Sells $56,210,436.00 in Stock

Key Points

• Major shareholder Submarine Buyer LLC sold 2.57 million Jersey Mike’s shares for approximately $56.2 million at $21.85 per share, reducing its position by 94.71% to 143,699 shares.
• JMKE shares rose $0.15 to $22.36 in mid-day trading, within a 52-week range of $20.63 to $24.99.
• Analyst sentiment remains positive: Jersey Mike’s has a consensus “Moderate Buy” rating and a $28.35 price target, with recent targets ranging from $27 to $40.

Jersey Mike's (NYSE:JMKE - Get Free Report) major shareholder Submarine Buyer Llc sold 2,572,560 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 143,699 shares in the company, valued at approximately $3,139,823.15. The trade was a 94.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Submarine Buyer Llc also recently made the following trade(s):

• On Friday, July 31st, Submarine Buyer Llc sold 29,695,652 shares of Jersey Mike's stock. The stock was sold at an average price of $21.85, for a total transaction of $648,849,996.20.

Jersey Mike's Price Performance

Shares of JMKE stock traded up $0.15 during mid-day trading on Wednesday, hitting $22.36. 1,877,973 shares of the stock traded hands, compared to its average volume of 3,252,663. Jersey Mike's has a 52-week low of $20.63 and a 52-week high of $24.99.

Key Stories Impacting Jersey Mike's

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on JMKE. Morgan Stanley initiated coverage on shares of Jersey Mike's in a research note on Monday. They issued an "overweight" rating and a $29.00 target price for the company. Stifel Nicolaus started coverage on Jersey Mike's in a report on Monday. They set a "buy" rating and a $27.00 price objective for the company. Evercore began coverage on Jersey Mike's in a research report on Monday. They issued an "outperform" rating and a $28.00 price objective for the company. Loop Capital started coverage on Jersey Mike's in a research note on Monday. They set a "buy" rating and a $40.00 target price on the stock. Finally, Robert W. Baird assumed coverage on Jersey Mike's in a research report on Monday. They set an "outperform" rating and a $27.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Jersey Mike's presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.35.

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.

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