JPMorgan Chase & Co. Cuts Jersey Mike’s (NYSE:JMKE) Price Target to $24.00

Jersey Mike’s (NYSE:JMKE) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $26.00 to $24.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 40.31% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley assumed coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They issued an “overweight” rating and a $29.00 target price for the company. Loop Capital assumed coverage on Jersey Mike’s in a report on Monday, August 24th. They issued a “buy” rating and a $40.00 target price on the stock. The Goldman Sachs Group started coverage on Jersey Mike’s in a report on Tuesday, August 25th. They set a “neutral” rating and a $26.00 price target for the company. Mizuho lowered their price objective on shares of Jersey Mike’s from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Thursday, September 10th. Finally, Bank of America upped their price objective on shares of Jersey Mike’s from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, September 10th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.09.

Jersey Mike’s Trading Up 2.6%

Shares of JMKE traded up $0.43 during mid-day trading on Tuesday, reaching $17.11. 396,193 shares of the company’s stock were exchanged, compared to its average volume of 3,255,371. The stock’s fifty day simple moving average is $21.37. Jersey Mike’s has a 52-week low of $16.61 and a 52-week high of $24.99.

Jersey Mike’s (NYSE:JMKE) last released its quarterly earnings results on Wednesday, September 9th. The company reported $3,700.00 EPS for the quarter. The business had revenue of $208.00 million during the quarter. As a group, equities research analysts forecast that Jersey Mike’s will post 0.65 EPS for the current fiscal year.

Insider Transactions at Jersey Mike’s

In related news, CFO Michele Allen bought 10,000 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $23.00 per share, for a total transaction of $230,000.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Stacy Peterson purchased 15,000 shares of the stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $23.00 per share, for a total transaction of $345,000.00. Following the completion of the purchase, the chief operating officer owned 15,000 shares in the company, valued at approximately $345,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 31,584 shares of company stock valued at $726,432 and have sold 9,938,318 shares valued at $217,152,248.

Jersey Mike’s Company Profile

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.