Abu Dhabi Investment Authority Sells 4,411,064 Shares of Jersey Mike’s (NYSE:JMKE) Stock

Jersey Mike’s (NYSE:JMKE) major shareholder Abu Dhabi Investment Authority sold 4,411,064 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $21.85, for a total transaction of $96,381,748.40. Following the completion of the sale, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Jersey Mike’s Price Performance

Shares of JMKE stock opened at $23.23 on Thursday. Jersey Mike’s has a fifty-two week low of $20.63 and a fifty-two week high of $24.99.

Analysts Set New Price Targets

Separately, Melius Research started coverage on shares of Jersey Mike’s in a research note on Thursday, July 30th. They issued a “buy” rating and a $30.00 price target on the stock. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $30.00.

Jersey Mike’s Company Profile

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.