Spirit Airlines (NYSE:SAVE) stock may just have a new super fan. Indeed, the discount airline has climbed upwards of 20% since Barstool Sports founder Dave Portnoy tweeted out sharing his enthusiasm towards the stock yesterday. Portnoy called SAVE stock a “mega buy” on Thursday, fueling a late-week rally.
What do you need to know about Portnoy’s latest stock pick?
Well, at 11:30 a.m. Thursday, the “One Bite Pizza” reviewer shared that he bought “a ton” of Spirit Airlines stock with his 3 million-odd X (formerly Twitter) followers.
In the hours since then, Portnoy has been absolutely abuzz over the stock’s performance. He even reposted a 2020 Davey Day Trader Global Barstool clip in which he claimed that he would “ride Spirit $SAVE to the bottom, then single-handedly build it back up,” a prediction that is seemingly coming to fruition currently with the stock.
In less than a day, Portnoy is estimated to have made $600,000 in unrealized profits stemming from his advocation of the discount airline. It seems Portnoy has sparked a rally for the stock, completely reversing the company’s recent downslide.
Portnoy Triggers Bull Rally Amid SAVE Stock Slump
Spirit stock has been down in the dumps this week after its long-awaited merger with JetBlue (NASDAQ:JBLU) was blocked by a federal judge out of antitrust concern.
Indeed, in what would have been the largest U.S. airline merger in over a decade, the Department of Justice effectively stopped the move after suing last year to prevent the tie-up. According to the DOJ, the merger would have hurt competition and led to higher fares.
Since the news broke Tuesday, investors have been largely dumping Spirit stock. SAVE has fallen more than 50% this week after the long-hinted merger was left in the dust. In that regard, Portnoy’s admonishment comes with welcome arms, at least from the fans of SAVE stock.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
