Jersey Mike’s (NYSE:JMKE) Price Target Cut to $24.00 by Analysts at JPMorgan Chase & Co.

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

JMKE has been the topic of a number of other reports. 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 note on Thursday, September 10th. Stifel Nicolaus initiated coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set a “buy” rating and a $27.00 target price for the company. Morgan Stanley began coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They issued an “overweight” rating and a $29.00 price target on the stock. Sanford C. Bernstein raised their price objective on shares of Jersey Mike’s from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Thursday, September 10th. Finally, William Blair reissued an “outperform” rating on shares of Jersey Mike’s in a research note on Wednesday, September 9th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Jersey Mike’s presently has an average rating of “Moderate Buy” and an average price target of $28.09.

Jersey Mike’s Stock Performance

JMKE traded up $0.43 during trading on Tuesday, reaching $17.11. 396,193 shares of the stock were exchanged, compared to its average volume of 3,255,371. Jersey Mike’s has a 1 year low of $16.61 and a 1 year high of $24.99. The stock’s 50 day moving average price is $21.37.

Jersey Mike’s (NYSE:JMKE) last announced its quarterly earnings results on Wednesday, September 9th. The company reported $3,700.00 earnings per share for the quarter. The firm had revenue of $208.00 million during the quarter. On average, analysts predict that Jersey Mike’s will post 0.65 EPS for the current fiscal year.

Insider Activity

In other news, COO Stacy Peterson bought 15,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average price 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 trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 disclosure for this sale is available in the SEC filing. In the last quarter, insiders have bought 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $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.