Jersey Mike's (NYSE:JMKE) Stock Price Down 4.2% - Here's Why

Key Points

• Jersey Mike’s shares fell 4.2% to about $18.76, with trading volume down 82% from its average daily level.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $28.52, implying substantial upside from the current price.
• Insider selling was significant: insiders sold nearly 9.94 million shares worth $217.2 million over the past 90 days, including major shareholders reducing their positions by 94.71%.

Jersey Mike's (NYSE:JMKE - Get Free Report)'s stock price was down 4.2% during trading on Monday . The stock traded as low as $18.80 and last traded at $18.7630. Approximately 579,899 shares were traded during trading, a decline of 82% from the average daily volume of 3,145,661 shares. The stock had previously closed at $19.58.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on JMKE shares. William Blair reissued an "outperform" rating on shares of Jersey Mike's in a research note on Wednesday, September 9th. UBS Group reiterated a "buy" rating on shares of Jersey Mike's in a research note on Wednesday, September 9th. The Goldman Sachs Group assumed coverage on shares of Jersey Mike's in a report on Tuesday, August 25th. They set a "neutral" rating and a $26.00 price target on the stock. Robert W. Baird began coverage on shares of Jersey Mike's in a research report on Monday, August 24th. They set an "outperform" rating and a $27.00 target price on the stock. Finally, Evercore initiated coverage on Jersey Mike's in a report on Monday, August 24th. They issued an "outperform" rating and a $28.00 target price for the company. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $28.52.

Jersey Mike's Stock Performance

Insiders Place Their Bets

In related news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the business's stock in a transaction dated 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 approximately $3,139,823.15. The trade was a 94.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 shares were sold at an average price of $21.85, for a total transaction of $56,210,436.00. Following the sale, the insider directly owned 143,699 shares in the company, valued at approximately $3,139,823.15. This trade represents a 94.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, 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

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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