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

Key Points

• Jersey Mike’s shares fell to a new 52-week low, trading as low as $20.55 compared with the previous close of $21.45.
• Analyst sentiment remains positive overall: the stock has a “Moderate Buy” consensus rating and an average price target of $28.35, though recent ratings range from “Buy” and “Outperform” to “Neutral” and “Peer Perform.”
• Insider selling was significant: major shareholders sold nearly 9.94 million shares worth approximately $217.2 million over the past three months, including transactions that reduced their individual holdings by 94.71%.

Jersey Mike's (NYSE:JMKE - Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $20.55 and last traded at $20.5380, with a volume of 965552 shares changing hands. The stock had previously closed at $21.45.

Analysts Set New Price Targets

JMKE has been the subject of a number of recent analyst reports. Wolfe Research initiated coverage on shares of Jersey Mike's in a report on Monday, August 24th. They set a "peer perform" rating for the company. Bank of America initiated coverage on Jersey Mike's in a research note on Monday, August 24th. They set a "buy" rating and a $27.00 target price for the company. Wall Street Zen raised Jersey Mike's to a "hold" rating in a research note on Saturday, August 8th. Robert W. Baird started coverage on Jersey Mike's in a research report on Monday, August 24th. They set an "outperform" rating and a $27.00 price objective for the company. Finally, The Goldman Sachs Group began coverage on shares of Jersey Mike's in a report on Tuesday, August 25th. They issued a "neutral" rating and a $26.00 price objective on the stock. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Jersey Mike's presently has an average rating of "Moderate Buy" and an average price target of $28.35.

Jersey Mike's Price Performance

Insider Activity at Jersey Mike's

In other news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total transaction of $56,210,436.00. Following the sale, the insider owned 143,699 shares of the company's stock, valued at approximately $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the company's 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 sale, the insider directly owned 143,699 shares in the company, valued at $3,139,823.15. This represents a 94.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders bought 31,584 shares of company stock valued at $726,432 and sold 9,938,318 shares valued at $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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