Jersey Mike's (NYSE:JMKE) Coverage Initiated at Loop Capital

Key Points

• Loop Capital initiated coverage with a “buy” rating and a $40 price target for Jersey Mike’s, implying approximately 68% upside from the previous close.
• Analyst sentiment is broadly positive: 20 analysts rate the stock a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average target of $28.43.
• Jersey Mike’s shares opened at $23.80, while recent insider activity was mixed: a major shareholder sold $96.4 million in stock, and the CFO purchased 10,000 shares for $230,000.

Loop Capital initiated coverage on shares of Jersey Mike's (NYSE:JMKE - Get Free Report) in a note issued to investors on Monday. The brokerage set a "buy" rating and a $40.00 price target on the stock. Loop Capital's target price indicates a potential upside of 68.07% from the company's previous close.

Several other analysts also recently issued reports on the company. Wall Street Zen raised Jersey Mike's to a "hold" rating in a research note on Saturday, August 8th. Royal Bank Of Canada initiated coverage on Jersey Mike's in a report on Monday. They set an "outperform" rating and a $28.00 price objective for the company. Wells Fargo & Company began coverage on Jersey Mike's in a research report on Monday. They issued an "equal weight" rating and a $25.00 target price on the stock. Melius Research assumed coverage on Jersey Mike's in a research note on Thursday, July 30th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Mizuho assumed coverage on Jersey Mike's in a research report on Monday. They set an "outperform" rating and a $31.00 price target for the company. Twenty equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $28.43.

Jersey Mike's Price Performance

NYSE:JMKE opened at $23.80 on Monday. Jersey Mike's has a 1 year low of $20.63 and a 1 year high of $24.99.

Insider Activity

In other Jersey Mike's news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the sale, the insider directly owned 36,114,272 shares of the company's stock, valued at approximately $789,096,843.20. This represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michele Allen purchased 10,000 shares of the business's stock in a transaction on Friday, July 31st. The stock was purchased at an average price of $23.00 per share, with a total value of $230,000.00. Following the purchase, the chief financial officer owned 10,043 shares of the company's stock, valued at approximately $230,989. The trade was a 23,255.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 31,584 shares of company stock valued at $726,432 in the last ninety days.

Key Headlines Impacting Jersey Mike's

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

• Positive Sentiment: Mizuho initiated coverage with an “outperform” rating and a $31 price target, implying approximately 30% potential upside. Benzinga article
• Positive Sentiment: Piper Sandler and Morgan Stanley each rated the stock “overweight” and set $29 price targets, implying roughly 22% upside. Benzinga article
• Positive Sentiment: BTIG Research initiated coverage with a “buy” rating and a $28 target, while Evercore assigned an “outperform” rating with the same target. Benzinga article
• Positive Sentiment: Stifel Nicolaus and Robert W. Baird both issued positive ratings and $27 price targets. Benzinga article
• Neutral Sentiment: Bernstein rated Jersey Mike’s “market perform,” while TD Cowen rated it “buy”; both set $26 targets, the lowest among the new estimates. Benzinga 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.

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