Jersey Mike’s (NYSE:JMKE) Sees Significant Growth in Short Interest

Jersey Mike’s (NYSE:JMKE) was the target of a large growth in short interest in August. As of August 14th, there was short interest totaling 5,572,621 shares, a growth of 92.2% from the July 30th total of 2,899,476 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,385,397 shares, the days-to-cover ratio is presently 1.6 days.

Key Stories Impacting Jersey Mike’s

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

• Positive Sentiment: Bank of America’s outlook highlighted Jersey Mike’s store-location strategy, suggesting that disciplined expansion and selecting attractive markets could support continued unit growth. Jersey Mike’s store location plan sparks Bank of America outlook
• Positive Sentiment: Loop Capital set a bullish $40 price target, substantially above recent trading levels, reinforcing the potential upside tied to Jersey Mike’s growth strategy. Loop Capital sets $40 Jersey Mike’s stock price target
• Positive Sentiment: Tigress Financial initiated coverage of JMKE, adding another research firm to the stock’s expanding analyst base. Recent coverage has generally been favorable, with the broader analyst consensus at “Moderate Buy” and an average target of about $28.35. Tigress Financial initiates Jersey Mike’s coverage
• Neutral Sentiment: Zacks Research upgraded Jersey Mike’s to “hold.” The change may reduce downside pressure, but it does not represent a strong bullish endorsement. Zacks upgrades Jersey Mike’s to hold
• Negative Sentiment: Blackstone II Holdings sold 2.57 million shares for approximately $56.2 million, reducing its disclosed position by 94.71%. The large disposition could weigh on sentiment and add near-term share supply. Blackstone II sells Jersey Mike’s shares
• Negative Sentiment: Abu Dhabi Investment Authority sold 382,134 shares worth approximately $8.35 million, trimming its stake by 1.06%. Although relatively modest, the sale adds to concerns about major-holder selling. Abu Dhabi Investment Authority SEC filing

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on JMKE shares. Jefferies Financial Group initiated coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $29.00 price target for the company. Robert W. Baird started coverage on Jersey Mike’s in a research report on Monday, August 24th. They issued an “outperform” rating and a $27.00 price objective on the stock. Tigress Financial initiated coverage on Jersey Mike’s in a research note on Wednesday. They set a “buy” rating and a $29.00 price objective for the company. BTIG Research began coverage on Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $28.00 target price for the company. Finally, Zacks Research upgraded Jersey Mike’s to a “hold” rating in a research note on Tuesday, August 25th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Jersey Mike’s currently has an average rating of “Moderate Buy” and an average price target of $28.35.

Jersey Mike’s Price Performance

Shares of NYSE:JMKE traded up $0.50 during trading on Friday, reaching $22.51. The company had a trading volume of 1,768,902 shares, compared to its average volume of 3,185,945. Jersey Mike’s has a 12 month low of $20.63 and a 12 month high of $24.99.

Insider Activity

In other news, CFO Michele Allen acquired 3,000 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was bought at an average cost of $23.00 per share, for a total transaction of $69,000.00. Following the completion of the transaction, the chief financial officer owned 1,500 shares of the company’s stock, valued at $34,500. The trade was a -200.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stacy Peterson acquired 15,000 shares of Jersey Mike’s stock in a transaction that occurred on Friday, July 31st. The shares were purchased at an average cost of $23.00 per share, with a total value of $345,000.00. Following the purchase, the chief operating officer owned 15,000 shares of the company’s stock, valued at $345,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders purchased 31,584 shares of company stock valued at $726,432 and sold 9,938,318 shares valued at $217,152,248.

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.