Jersey Mike's (NYSE:JMKE) Coverage Initiated at Piper Sandler

Key Points

• Piper Sandler initiated coverage of Jersey Mike’s with an “overweight” rating and a $29 price target, implying 21.85% upside from the stock’s current price.
• Analyst sentiment is broadly positive: 14 analysts rate the stock a Buy and three rate it a Hold, resulting in a “Moderate Buy” consensus and an average target price of $27.77.
• Jersey Mike’s shares opened at $23.80, while insider activity included a 3,000-share CFO purchase and a major shareholder’s sale of 4.41 million shares valued at approximately $96.4 million.

Piper Sandler assumed coverage on shares of Jersey Mike's (NYSE:JMKE - Get Free Report) in a research note issued on Monday,Benzinga reports. The brokerage set an "overweight" rating and a $29.00 price target on the stock. Piper Sandler's target price points to a potential upside of 21.85% from the stock's current price.

Several other equities analysts have also issued reports on the stock. Wolfe Research began coverage on shares of Jersey Mike's in a report on Monday. They issued a "peer perform" rating on the stock. Wells Fargo & Company started coverage on Jersey Mike's in a research report on Monday. They issued a "neutral" rating and a $25.00 price objective for the company. 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 price objective on the stock. Jefferies Financial Group initiated coverage on Jersey Mike's in a research note on Monday. They issued a "positive" rating on the stock. Finally, Stifel Nicolaus began coverage on Jersey Mike's in a research report on Monday. They set a "buy" rating and a $27.00 target price on the stock. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $27.77.

Jersey Mike's Trading Down 0.3%

JMKE opened at $23.80 on Monday. Jersey Mike's has a twelve month low of $20.63 and a twelve month high of $24.99.

Insider Activity at Jersey Mike's

In related news, CFO Michele Allen acquired 3,000 shares of the business's stock in a transaction dated Friday, July 31st. The shares were bought at an average price of $23.00 per share, with a total value of $69,000.00. Following the transaction, the chief financial officer directly owned 1,500 shares of the company's stock, valued at $34,500. This trade represents a -200.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.85, for a total value of $96,381,748.40. Following the completion of the sale, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders bought 31,584 shares of company stock valued at $726,432.

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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