Jersey Mike's (NYSE:JMKE) Shares Up 3.8% - Here's What Happened

Key Points

• Jersey Mike’s shares rose 3.8% to $17.02 in mid-day trading, although volume was about 97% below the stock’s average session volume.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating from 26 analysts and an average price target of $27.91, well above the current price.
• Insider activity was mixed: CFO Michele Allen bought 10,000 shares, while Blackstone II sold 2.57 million shares; overall, insiders sold substantially more stock than they purchased during the quarter.

Jersey Mike's (NYSE:JMKE - Get Free Report)'s share price rose 3.8% during mid-day trading on Thursday. The stock traded as high as $16.73 and last traded at $17.02. Approximately 98,478 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 3,321,257 shares. The stock had previously closed at $16.39.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Jersey Mike's in a report on Monday, August 24th. They set a "buy" rating and a $27.00 price target for the company. Truist Financial assumed coverage on shares of Jersey Mike's in a research report on Monday, August 24th. They issued a "buy" rating and a $30.00 price objective on the stock. Piper Sandler initiated coverage on Jersey Mike's in a research note on Monday, August 24th. They issued an "overweight" rating and a $29.00 target price on the stock. Evercore began coverage on Jersey Mike's in a report on Monday, August 24th. They set an "outperform" rating and a $28.00 price target on the stock. Finally, Zacks Research upgraded Jersey Mike's to a "hold" rating in a report on Tuesday, August 25th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $27.91.

Jersey Mike's Price Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.82 and a current ratio of 1.82. The business has a fifty day simple moving average of $20.70.

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

Insider Buying and Selling

In other news, CFO Michele Allen acquired 10,000 shares of the stock in a transaction on Friday, July 31st. The stock was acquired at an average price of $23.00 per share, with a total value of $230,000.00. Following the completion of the transaction, the chief financial officer owned 10,043 shares of the company's stock, valued at $230,989. This represents a 23,255.81% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the company'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 completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have bought 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $217,152,248.

About Jersey Mike's

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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