Jersey Mike's (NYSE:JMKE) Sets New 12-Month Low - Here's Why

Key Points

• Jersey Mike’s shares hit a new 52-week low, falling to $19.73 and closing around $19.85, down 3.2% from the prior close.
• Analysts remain broadly positive, with a “Moderate Buy” consensus from MarketBeat and an average price target of $28.52; recent targets range from $25 to $40.
• Insiders have been substantial net sellers, disposing of nearly 9.94 million shares worth $217.2 million over the past 90 days, including large sales by Abu Dhabi Investment Authority and Submarine Buyer LLC.

Jersey Mike's (NYSE:JMKE - Get Free Report) shares hit a new 52-week low on Wednesday . The company traded as low as $19.73 and last traded at $19.8450, with a volume of 1637849 shares changing hands. The stock had previously closed at $20.75.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on JMKE shares. Truist Financial initiated coverage on Jersey Mike's in a research note on Monday, August 24th. They set a "buy" rating and a $30.00 target price for the company. Zacks Research raised Jersey Mike's to a "hold" rating in a report on Tuesday, August 25th. Loop Capital started coverage on Jersey Mike's in a research report on Monday, August 24th. They issued a "buy" rating and a $40.00 price objective for the company. Wall Street Zen upgraded shares of Jersey Mike's from a "sell" rating to a "hold" rating in a research report on Sunday. Finally, Wells Fargo & Company started coverage on shares of Jersey Mike's in a research note on Monday, August 24th. They set an "equal weight" rating and a $25.00 price target on the stock. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Jersey Mike's has an average rating of "Moderate Buy" and a consensus target price of $28.52.

Jersey Mike's Trading Down 3.2%

Insider Transactions at Jersey Mike's

In other Jersey Mike's news, major shareholder Abu Dhabi Investment Authority sold 382,134 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total transaction of $8,349,627.90. Following the completion of the transaction, the insider directly owned 35,732,138 shares in the company, valued at approximately $780,747,215.30. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of Jersey Mike's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $21.85, for a total transaction 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders acquired 31,584 shares of company stock worth $726,432 and sold 9,938,318 shares worth $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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