Jersey Mike's (NYSE:JMKE) Reaches New 1-Year Low - Here's Why

Key Points

• Jersey Mike’s shares hit a new 52-week low, trading as low as $16.31 and well below their 50-day moving average of $20.98.
• Despite the decline, analysts maintain a “Moderate Buy” consensus, with 21 Buy ratings, five Holds and an average price target of $28.09.
• Insider activity was mixed: the COO bought 15,000 shares, while Blackstone sold 2.57 million shares; overall, insiders sold significantly more stock than they purchased during the quarter.

Jersey Mike's (NYSE:JMKE - Get Free Report)'s stock price reached a new 52-week low on Monday. The stock traded as low as $16.31 and last traded at $16.6410, with a volume of 7707 shares trading hands. The stock had previously closed at $16.57.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on JMKE shares. Loop Capital started coverage on Jersey Mike's in a research report on Monday, August 24th. They set a "buy" rating and a $40.00 price objective for the company. Tigress Financial upped their target price on Jersey Mike's from $29.00 to $30.00 and gave the company a "buy" rating in a report on Friday, September 11th. Zacks Research raised shares of Jersey Mike's to a "hold" rating in a research report on Tuesday, August 25th. Sanford C. Bernstein raised their price target on shares of Jersey Mike's from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Thursday, September 10th. Finally, Piper Sandler initiated coverage on shares of Jersey Mike's in a research report on Monday, August 24th. They set an "overweight" rating and a $29.00 price objective on the stock. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Jersey Mike's currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.09.

Jersey Mike's Stock Performance

The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average price of $20.98.

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

Insider Buying and Selling at Jersey Mike's

In other Jersey Mike's news, COO Stacy Peterson purchased 15,000 shares of the stock in a transaction on Friday, July 31st. The shares were purchased at an average price of $23.00 per share, with a total value of $345,000.00. Following the acquisition, the chief operating officer directly owned 15,000 shares of the company's stock, valued at $345,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the stock in a transaction 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 $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 31,584 shares of company stock valued at $726,432 and sold 9,938,318 shares valued at $217,152,248.

Jersey Mike's Company Profile

Jersey Mike's is an American fast-casual restaurant company best known for submarine sandwiches made to order. Its menu typically includes cold subs, cheesesteaks, wraps, salads, sides, beverages and catering options. The brand emphasizes freshly sliced meats and cheeses, along with its signature “Mike's Way” preparation featuring onions, lettuce, tomatoes, oil, vinegar and spices.

The company traces its roots to 1956, when the original Mike's Submarines opened in Point Pleasant, New Jersey.

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