Jersey Mike’s (NYSE:JMKE) Given New $29.00 Price Target at Bank of America

Jersey Mike’s (NYSE:JMKE) had its price target boosted by investment analysts at Bank of America from $27.00 to $29.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 29.12% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. Truist Financial started coverage on Jersey Mike’s in a research note on Monday, August 24th. They set a “buy” rating and a $30.00 price target for the company. Raymond James Financial initiated coverage on shares of Jersey Mike’s in a research note on Monday, August 24th. They issued an “outperform” rating and a $29.00 price objective on the stock. Evercore began coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set an “outperform” rating and a $28.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Sanford C. Bernstein initiated coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They issued a “market perform” rating and a $26.00 price target on the stock. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.43.

Jersey Mike’s Stock Up 7.9%

JMKE opened at $22.46 on Thursday. Jersey Mike’s has a one year low of $19.86 and a one year high of $24.99.

Insider Buying and Selling at Jersey Mike’s

In related news, major shareholder Holdings L.P. Blackstone II sold 2,572,560 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $21.85, for a total transaction of $56,210,436.00. Following the sale, the insider owned 143,699 shares in the company, valued at approximately $3,139,823.15. This trade 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 can be accessed through this hyperlink. Also, COO Stacy Peterson bought 15,000 shares of the stock in a transaction on Friday, July 31st. The stock was purchased at an average cost of $23.00 per share, with a total value of $345,000.00. Following the completion of the purchase, the chief operating officer directly owned 15,000 shares in the company, valued at $345,000. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, 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 News Summary

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

• Positive Sentiment: Second-quarter systemwide sales rose 10% to $1.21 billion, while revenue increased 10% to $208 million. Same-store sales grew 2.3%, primarily because of higher transactions, and digital sales improved to 43% of sales from 41%. Jersey Mike’s Reports Second Quarter Financial Results
• Positive Sentiment: Jersey Mike’s opened 83 locations during the quarter, producing 8.1% year-over-year net unit growth. The expansion supports the bullish view that the company has a sizable long-term growth runway. Why Jersey Mike’s Stock Jumped Today
• Positive Sentiment: Management expects same-store sales to grow 2.5% to 3.0% for the full year and 3.0% to 4.0% in the third quarter. Adjusted profit also exceeded estimates, helping reinforce the positive reaction. TD Cowen reaffirmed its Buy rating with a $26 price target. Jersey Mike’s profit beats estimates, shares jump on strong guidance
• Neutral Sentiment: Unusually high call-option activity indicated heightened bullish speculation, with 4,490 calls purchased—171% above typical daily volume—but options activity is not a guarantee of sustained gains.
• Negative Sentiment: Revenue slightly missed analysts’ $209 million forecast, and net income declined from the prior-year period. Some analysts believe the growth opportunity is attractive but prefer to wait for a more favorable valuation or clearer execution. Jersey Mike’s: Growth Runway Is Real, But I Prefer To Wait
• Negative Sentiment: Reported insider activity showed selling rather than open-market purchases, including substantial sales by investment holders. That may temper enthusiasm around the earnings-driven rally.

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.