Truist Financial Begins Coverage on Jersey Mike's (NYSE:JMKE)

Key Points

• Truist Financial initiated coverage of Jersey Mike’s with a “buy” rating and a $30 price target, implying approximately 26% upside from the prior close.
• Analyst sentiment is broadly positive: 20 analysts rate the stock a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $28.43.
• Jersey Mike’s shares opened at $23.80, while insider activity was mixed: the COO bought 15,000 shares, and Abu Dhabi Investment Authority sold more than 4.4 million shares.

Research analysts at Truist Financial started coverage on shares of Jersey Mike's (NYSE:JMKE - Get Free Report) in a research note issued on Monday. The brokerage set a "buy" rating and a $30.00 price target on the stock. Truist Financial's target price would suggest a potential upside of 26.05% from the company's previous close.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group started coverage on shares of Jersey Mike's in a research note on Monday. They set a "buy" rating and a $29.00 target price for the company. Sanford C. Bernstein began coverage on Jersey Mike's in a research note on Monday. They issued a "market perform" rating and a $26.00 price target on the stock. Bank of America started coverage on shares of Jersey Mike's in a research note on Monday. They set a "buy" rating and a $27.00 price objective on the stock. Royal Bank Of Canada initiated coverage on Jersey Mike's in a research note on Monday. They issued an "outperform" rating and a $28.00 target price for the company. Finally, Loop Capital assumed coverage on shares of Jersey Mike's in a research report on Monday. They issued a "buy" rating and a $40.00 price objective for the company. Twenty analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Jersey Mike's currently has a consensus rating of "Moderate Buy" and an average price target of $28.43.

Jersey Mike's Price Performance

NYSE:JMKE opened at $23.80 on Monday. Jersey Mike's has a 1 year low of $20.63 and a 1 year high of $24.99.

Insider Activity

In related news, COO Stacy Peterson bought 15,000 shares of the company's stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of $23.00 per share, for a total transaction of $345,000.00. Following the acquisition, the chief operating officer owned 15,000 shares of the company's stock, valued at approximately $345,000. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the sale, the insider owned 36,114,272 shares in the company, valued at approximately $789,096,843.20. The trade was a 10.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders purchased 31,584 shares of company stock worth $726,432 over the last quarter.

Jersey Mike's News Roundup

Here are the key news stories impacting Jersey Mike's this week:

• Positive Sentiment: Mizuho initiated coverage with an “outperform” rating and a $31 price target, implying approximately 30% potential upside. Benzinga article
• Positive Sentiment: Piper Sandler and Morgan Stanley each rated the stock “overweight” and set $29 price targets, implying roughly 22% upside. Benzinga article
• Positive Sentiment: BTIG Research initiated coverage with a “buy” rating and a $28 target, while Evercore assigned an “outperform” rating with the same target. Benzinga article
• Positive Sentiment: Stifel Nicolaus and Robert W. Baird both issued positive ratings and $27 price targets. Benzinga article
• Neutral Sentiment: Bernstein rated Jersey Mike’s “market perform,” while TD Cowen rated it “buy”; both set $26 targets, the lowest among the new estimates. Benzinga article

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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