Jersey Mike’s (NYSE:JMKE) Stock Price Down 4.2% – Should You Sell?

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

Analysts Set New Price Targets

Several research firms have recently weighed in on JMKE. Tigress Financial increased their price objective on shares of Jersey Mike’s from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 11th. Zacks Research upgraded shares of Jersey Mike’s to a “hold” rating in a report on Tuesday, August 25th. The Goldman Sachs Group began coverage on shares of Jersey Mike’s in a research report on Tuesday, August 25th. They set a “neutral” rating and a $26.00 price target on the stock. Melius Research initiated coverage on Jersey Mike’s in a report on Thursday, July 30th. They set a “buy” rating and a $30.00 price target for the company. Finally, William Blair reissued an “outperform” rating on shares of Jersey Mike’s in a research report on Wednesday, September 9th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Jersey Mike’s currently has a consensus rating of “Moderate Buy” and an average target price of $28.52.

Jersey Mike’s Price Performance

Jersey Mike’s (NYSE:JMKE) last posted its quarterly earnings results on Wednesday, September 9th. The company reported $3,700.00 EPS for the quarter. The company had revenue of $208.00 million during the quarter. As a group, sell-side analysts expect that Jersey Mike’s will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Jersey Mike’s

In other Jersey Mike’s news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 143,699 shares in the company, valued at approximately $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $21.85, for a total value of $96,381,748.40. Following the completion of the sale, the insider directly owned 36,114,272 shares of the company’s stock, valued at $789,096,843.20. This trade represents a 10.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, 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.