Jersey Mike's (NYSE:JMKE) Hits New 1-Year Low - Should You Sell?

Key Points

• Jersey Mike’s shares hit a new 52-week low of $16.85, below their 50-day moving average of $21.48, signaling continued near-term weakness.
• Despite the decline, analysts remain broadly optimistic: the stock has a “Moderate Buy” consensus rating and a $28.52 average price target, substantially above its current level.
• Insider activity was mixed but heavily weighted toward selling, with insiders selling nearly $217.2 million in shares in the last quarter versus about $726,000 in purchases.

Jersey Mike's (NYSE:JMKE - Get Free Report) shares reached a new 52-week low on Monday. The stock traded as low as $16.85 and last traded at $16.85, with a volume of 5980 shares trading hands. The stock had previously closed at $16.99.

Analyst Upgrades and Downgrades

JMKE has been the topic of several research analyst reports. Guggenheim boosted their price target on shares of Jersey Mike's from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Friday, September 11th. Morgan Stanley initiated coverage on Jersey Mike's in a research report on Monday, August 24th. They set an "overweight" rating and a $29.00 price objective for the company. Wall Street Zen raised Jersey Mike's from a "sell" rating to a "hold" rating in a report on Sunday, September 13th. TD Cowen reiterated a "buy" rating and issued a $26.00 target price on shares of Jersey Mike's in a research report on Wednesday, September 9th. Finally, BTIG Research reissued a "buy" rating and set a $28.00 price target on shares of Jersey Mike's in a research note on Thursday, September 10th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Jersey Mike's currently has an average rating of "Moderate Buy" and a consensus price target of $28.52.

Jersey Mike's Trading Down 0.7%

The stock's 50-day simple moving average is $21.48.

Jersey Mike's (NYSE:JMKE - Get Free Report) last posted its earnings results on Wednesday, September 9th. The company reported $3,700.00 earnings per share for the quarter. The business had revenue of $208.00 million during the quarter. Equities analysts expect that Jersey Mike's will post 0.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Jersey Mike's news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the business's stock in a transaction that occurred 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 sale, the insider directly owned 36,114,272 shares of the company's stock, valued at $789,096,843.20. The trade was a 10.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Stacy Peterson acquired 15,000 shares of the firm's stock in a transaction on Friday, July 31st. The shares were bought at an average price of $23.00 per share, for a total transaction of $345,000.00. Following the completion of the transaction, the chief operating officer owned 15,000 shares of the company's stock, valued at approximately $345,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 31,584 shares of company stock valued at $726,432 and have sold 9,938,318 shares valued at $217,152,248.

Jersey Mike's Company Profile

Jersey Mike's is a fast-casual restaurant company specializing in made-to-order submarine sandwiches. Its menu includes cold subs, cheesesteaks, wraps, salads, sides and beverages, with sandwiches prepared using sliced-to-order meats and cheeses, fresh vegetables and the company's signature “Mike's Way” dressing of onions, lettuce, tomatoes, vinegar and olive oil.

The business traces its roots to a neighborhood sub shop in Point Pleasant, New Jersey, which was established in 1956. Peter Cancro acquired the shop as a teenager in 1971 and developed it into the Jersey Mike's brand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.