Raymond James Financial Initiates Coverage on Jersey Mike’s (NYSE:JMKE)

Equities research analysts at Raymond James Financial initiated coverage on shares of Jersey Mike’s (NYSE:JMKE) in a report released on Monday, Marketbeat reports. The brokerage set a “moderate buy” rating and a $29.00 price target on the stock. Raymond James Financial’s target price points to a potential upside of 30.75% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. William Blair began coverage on shares of Jersey Mike’s in a research report on Monday. They set an “outperform” rating for the company. Robert W. Baird started coverage on shares of Jersey Mike’s in a research report on Monday. They set an “outperform” rating and a $27.00 price objective on the stock. Wolfe Research initiated coverage on shares of Jersey Mike’s in a report on Monday. They set a “peer perform” rating for the company. TD Cowen started coverage on shares of Jersey Mike’s in a research report on Monday. They issued a “buy” rating and a $26.00 target price for the company. Finally, Royal Bank Of Canada began coverage on Jersey Mike’s in a research note on Monday. They issued an “outperform” rating and a $28.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Jersey Mike’s presently has an average rating of “Moderate Buy” and a consensus price target of $28.32.

Jersey Mike’s Trading Down 5.7%

Shares of NYSE JMKE opened at $22.18 on Monday. Jersey Mike’s has a 12 month low of $20.63 and a 12 month high of $24.99.

Insider Buying and Selling at Jersey Mike’s

In other news, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 36,114,272 shares of the company’s stock, valued at approximately $789,096,843.20. This trade represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michele Allen acquired 10,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was bought at an average price of $23.00 per share, for a total transaction 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 disclosure for this purchase is available in the SEC filing. Insiders have purchased 31,584 shares of company stock worth $726,432 in the last 90 days.

Jersey Mike’s News Roundup

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

• Positive Sentiment: Multiple firms, including Guggenheim, Truist Financial, Deutsche Bank, Mizuho, Bernstein, Stifel, TD Cowen, BTIG Research, Piper Sandler, Baird and Morgan Stanley, initiated or expanded coverage of Jersey Mike’s. The wave of new research increases institutional visibility and is broadly favorable for the shares. Guggenheim initiates coverage
• Positive Sentiment: Published analyst targets generally imply substantial upside from the stock’s recent trading level. Recent bullish views include Truist’s $30 target, Mizuho’s $31 target, Morgan Stanley and Piper Sandler at $29, and several firms at $27-$28. Goldman Sachs was more cautious with a neutral rating, but still set a $26 target. Jersey Mike’s receives initial analyst ratings
• Positive Sentiment: Analysts say Jersey Mike’s could continue taking market share from Subway, citing visible same-store sales drivers, a strong operating track record and a long runway for restaurant growth. These factors reinforce the investment case for the newly public company. Jersey Mike’s could overtake Subway
• Neutral Sentiment: The large number of coverage initiations follows the end of the IPO quiet period, making the recent analyst activity partly an expected post-IPO event rather than a new operating announcement. Bull ratings after the IPO quiet period
• Negative Sentiment: Short interest rose 92.2% to 5.57 million shares in the first half of August. Although short interest equals only about 1.4% of shares outstanding and represents 1.6 days of average trading volume, the increase signals growing skepticism and could add volatility.

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.