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

Key Points

• Jersey Mike’s shares hit a new 52-week low, falling to $18.60 before recovering slightly to $19.14 on heavy trading volume.
• Despite the selloff, analysts maintain a generally positive outlook: 21 rate the stock a Buy and five rate it a Hold, with an average price target of $28.52 versus the current price.
• Insiders made significant purchases, including CFO and COO acquisitions at $23 per share, but these were outweighed by insider sales of nearly 9.94 million shares worth approximately $217.2 million over the past three months.

Jersey Mike's (NYSE:JMKE - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The stock traded as low as $18.60 and last traded at $19.14, with a volume of 4066783 shares trading hands. The stock had previously closed at $19.58.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on JMKE. Mizuho decreased their target price on Jersey Mike's from $31.00 to $29.00 and set an "outperform" rating for the company in a research report on Thursday, September 10th. 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. Sanford C. Bernstein increased their target price on Jersey Mike's from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Thursday, September 10th. Jefferies Financial Group started coverage on shares of Jersey Mike's in a research note on Monday, August 24th. They set a "buy" rating and a $29.00 price target for the company. Finally, William Blair restated an "outperform" rating on shares of Jersey Mike's in a report on Wednesday, September 9th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Jersey Mike's currently has an average rating of "Moderate Buy" and an average target price of $28.52.

Jersey Mike's Price Performance

Insider Transactions at Jersey Mike's

In related news, CFO Michele Allen acquired 10,000 shares of the company's stock in a transaction that occurred on Friday, July 31st. The shares were acquired at an average price of $23.00 per share, with a total value of $230,000.00. Following the acquisition, the chief financial officer owned 10,043 shares of the company's stock, valued at approximately $230,989. This trade represents a 23,255.81% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Stacy Peterson purchased 15,000 shares of the firm's stock in a transaction dated 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. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, 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.

About Jersey Mike's

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.

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