Jersey Mike's' Quiet Period To Expire on September 8th (NYSE:JMKE)

Key Points

• Jersey Mike’s quiet period ends September 8, potentially allowing IPO underwriters and insiders to begin publishing research coverage after SEC restrictions expire. The company raised approximately $1 billion by issuing 43.5 million shares at $23 each on July 30.
• Analyst sentiment is generally positive, with 21 Buy ratings and five Holds. The stock has a “Moderate Buy” consensus rating and an average price target of $28.35, compared with its opening price of $21.29 in the article.
• Insider selling has been substantial: insiders sold nearly 9.94 million shares worth $217.2 million over the last quarter, while purchases totaled 31,584 shares worth $726,432. A major shareholder alone sold 2.57 million shares on August 25.

Jersey Mike's' (NYSE:JMKE - Get Free Report) quiet period will end on Tuesday, September 8th. Jersey Mike's had issued 43,478,261 shares in its IPO on July 30th. The total size of the offering was $1,000,000,003 based on an initial share price of $23.00. During Jersey Mike's' quiet period, underwriters and any insiders involved in the IPO are restricted from issuing any research reports for the company because of SEC regulations. Following the end of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

JMKE has been the subject of a number of research analyst reports. The Goldman Sachs Group started coverage on Jersey Mike's in a research report on Tuesday, August 25th. They issued a "neutral" rating and a $26.00 target price for the company. Wolfe Research assumed coverage on Jersey Mike's in a research report on Monday, August 24th. They set a "peer perform" rating on the stock. Evercore started coverage on Jersey Mike's in a research note on Monday, August 24th. They issued an "outperform" rating and a $28.00 price objective for the company. Sanford C. Bernstein initiated coverage on Jersey Mike's in a report on Monday, August 24th. They issued a "market perform" rating and a $26.00 price objective for the company. Finally, BTIG Research began coverage on shares of Jersey Mike's in a research report on Monday, August 24th. They set a "buy" rating and a $28.00 target price on the stock. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Jersey Mike's presently has an average rating of "Moderate Buy" and a consensus price target of $28.35.

Jersey Mike's Stock Down 5.2%

NYSE JMKE opened at $21.29 on Tuesday. Jersey Mike's has a 52-week low of $20.63 and a 52-week high of $24.99.

Insider Activity

In other news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $21.85, for a total value of $56,210,436.00. Following the transaction, the insider owned 143,699 shares of the company's stock, valued at approximately $3,139,823.15. The trade was a 94.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michele Allen bought 3,000 shares of the company's stock in a transaction dated Friday, July 31st. The stock was bought at an average cost of $23.00 per share, for a total transaction of $69,000.00. Following the acquisition, the chief financial officer owned 1,500 shares of the company's stock, valued at approximately $34,500. This trade represents a -200.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 31,584 shares of company stock worth $726,432 and sold 9,938,318 shares worth $217,152,248.

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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