Jersey Mike’s’ (NYSE:JMKE) Quiet Period To Expire Tomorrow

Jersey Mike’s’ (NYSE:JMKE) quiet period is set to expire on Tuesday, September 8th. Jersey Mike’s had issued 43,478,261 shares in its initial public offering on July 30th. The total size of the offering was $1,000,000,003 based on an initial share price of $23.00. During Jersey Mike’s’ quiet period, underwriters and any insiders that worked on the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on JMKE shares. Guggenheim started coverage on Jersey Mike’s in a research note on Monday, August 24th. They set a “buy” rating and a $28.00 price target on the stock. Jefferies Financial Group started coverage on Jersey Mike’s in a research note on Monday, August 24th. They issued a “buy” rating and a $29.00 price objective for the company. Royal Bank Of Canada assumed coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They issued an “outperform” rating and a $28.00 price objective for the company. Mizuho initiated coverage on shares of Jersey Mike’s in a research report on Monday, August 24th. They set an “outperform” rating and a $31.00 target price on the stock. Finally, Evercore began coverage on shares of Jersey Mike’s in a report on Monday, August 24th. They set an “outperform” rating and a $28.00 price target on the stock. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.35.

Jersey Mike’s Stock Up 0.1%

Shares of JMKE opened at $20.81 on Monday. Jersey Mike’s has a 1 year low of $19.86 and a 1 year high of $24.99.

Insider Buying and Selling at Jersey Mike’s

In other news, major shareholder Submarine Buyer Llc sold 2,572,560 shares of the stock in a transaction 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 completion of the sale, the insider directly owned 143,699 shares in the company, valued at $3,139,823.15. This represents a 94.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Michele Allen bought 3,000 shares of the 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 $69,000.00. Following the purchase, the chief financial officer directly 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 disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 31,584 shares of company stock worth $726,432 and have sold 9,938,318 shares worth $217,152,248.

About Jersey Mike’s

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.