Jersey Mike's (NYSE:JMKE) Earns Buy Rating from Analysts at TD Cowen

Key Points

• TD Cowen initiated coverage of Jersey Mike’s with a Buy rating and a $26 price target, implying 9.24% upside from the prior close.
• Analyst sentiment is broadly positive: 14 analysts rate the stock Buy and three rate it Hold, producing a consensus Moderate Buy rating and $27.77 average price target.
• Jersey Mike’s shares opened at $23.80, while insider activity was mixed: Abu Dhabi Investment Authority sold about 4.4 million shares, and company insiders purchased 31,584 shares over the past three months.

Stock analysts at TD Cowen began coverage on shares of Jersey Mike's (NYSE:JMKE - Get Free Report) in a report released on Monday,Benzinga reports. The firm set a "buy" rating and a $26.00 price target on the stock. TD Cowen's target price would indicate a potential upside of 9.24% from the company's previous close.

A number of other equities analysts have also recently weighed in on the stock. Sanford C. Bernstein began coverage on shares of Jersey Mike's in a research report on Monday. They set a "market perform" rating and a $26.00 price target on the stock. Wolfe Research started coverage on Jersey Mike's in a report on Monday. They set a "peer perform" rating for the company. Piper Sandler started coverage on shares of Jersey Mike's in a research report on Monday. They issued an "overweight" rating and a $29.00 price objective on the stock. Mizuho assumed coverage on shares of Jersey Mike's in a research note on Monday. They issued an "outperform" rating and a $31.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Jersey Mike's in a research report on Monday. They issued a "positive" rating on the stock. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Jersey Mike's presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.77.

Jersey Mike's Stock 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.

Insiders Place Their Bets

In other Jersey Mike's news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.85, for a total transaction 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 $789,096,843.20. This trade represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO James J. Whalen acquired 2,500 shares of Jersey Mike's stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $23.00 per share, with a total value of $57,500.00. Following the completion of the transaction, the chief accounting officer owned 2,500 shares of the company's stock, valued at approximately $57,500. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 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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