Tony J. Darden (NYSE:DRI), Senior Vice President and Chief Operating Officer of Jack in the Box Inc. (NASDAQ:JACK), recently sold shares of the company's stock. According to a filing with the Securities and Exchange Commission, Darden disposed of 247 shares on December 4, 2024, at an average price of $48.93 per share. This transaction amounts to approximately $12,085. The sale comes as JACK's stock has experienced significant volatility, with shares down about 38% year-to-date and currently trading near $49, closer to its 52-week low of $40.84 than its high of $86.20.
The sale was conducted to satisfy tax withholding obligations upon the vesting of restricted stock units, as per the company's policy for an automatic sell-to-cover arrangement. Following this transaction, Darden's direct ownership stands at 8,052 shares.
Jack in the Box Inc., headquartered in San Diego, operates a chain of fast-food restaurants known for its diverse menu offerings.
In other recent news, Jack in the Box reported its fourth-quarter earnings for fiscal year 2024, exceeding estimates with earnings of $1.16 per share, although revenue fell short at $349.3 million. TD Cowen maintained its Hold rating on the company's shares, despite lowering its earnings per share projections for 2025 and 2026 by 11% and 9% respectively. RBC Capital Markets and Goldman Sachs also adjusted their outlooks on Jack in the Box, with RBC reducing its price target from $70.00 to $65.00, maintaining an Outperform rating, and Goldman Sachs decreasing its price target to $43.00 from $47.00, while maintaining a Sell rating.
The company made significant strides in digital expansion, new market penetration, and restaurant development, with over 14% of the company's sales being digital and agreements signed for 464 new restaurants. Despite these developments, Jack in the Box projects an operating earnings per share between $5.05 and $5.45 for fiscal 2025, reflecting ongoing challenges in same-store sales growth and increased expenses due to new store openings.
All these recent developments underscore the dynamic and competitive environment in which Jack in the Box operates, as well as the strategic efforts the company is making to navigate these conditions. As the company continues to evolve, investors will be keenly watching how these developments unfold and their impact on the company's financial performance.
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