Jersey Mike's (NYSE:JMKE) Earns Overweight Rating from Analysts at Morgan Stanley

Key Points

• Morgan Stanley initiated coverage of Jersey Mike’s with an “overweight” rating and a $29 price target, implying approximately 21.85% upside from the reported $23.80 share price.
• Analyst sentiment is broadly positive: 14 analysts rate the stock a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average target price of $27.77.
• Jersey Mike’s shares opened at $23.80 and were down 0.3%; meanwhile, CAO James Whalen purchased 2,500 shares, while major shareholder Abu Dhabi Investment Authority sold 4.41 million shares.

Equities research analysts at Morgan Stanley began coverage on shares of Jersey Mike's (NYSE:JMKE - Get Free Report) in a research note issued on Monday,Benzinga reports. The firm set an "overweight" rating and a $29.00 price target on the stock. Morgan Stanley's price target would suggest a potential upside of 21.85% from the company's current price.

Several other analysts also recently issued reports on JMKE. Wells Fargo & Company began coverage on Jersey Mike's in a research note on Monday. They set a "neutral" rating and a $25.00 price target for the company. Sanford C. Bernstein started coverage on Jersey Mike's in a report on Monday. They issued a "market perform" rating and a $26.00 target price for the company. Wolfe Research initiated coverage on Jersey Mike's in a research report on Monday. They set a "peer perform" rating for the company. Jefferies Financial Group began coverage on Jersey Mike's in a report on Monday. They set a "positive" rating on the stock. Finally, Piper Sandler initiated coverage on shares of Jersey Mike's in a research report on Monday. They issued an "overweight" rating and a $29.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.77.

Jersey Mike's Trading Down 0.3%

Jersey Mike's stock opened at $23.80 on Monday. Jersey Mike's has a one year low of $20.63 and a one year high of $24.99.

Insiders Place Their Bets

In other Jersey Mike's news, CAO James J. Whalen acquired 2,500 shares of Jersey Mike's stock in a transaction dated Friday, July 31st. The stock was 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 $57,500. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 in the company, valued at approximately $789,096,843.20. The trade was a 10.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have purchased 31,584 shares of company stock valued at $726,432 in the last three months.

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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