Investors who bought stocks during the Covid-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.

JetBlue's Bumpy Ride: One company that has been a lackluster investment in the past two years has been airline stock JetBlue Airways Corporation (NASDAQ:JBLU).

JetBlue and other travel stocks experienced a near worst-case scenario when the COVID-19 breakout occurred in early 2020.

Travel demand fell to nearly 0% during the worst of the pandemic. JetBlue’s long-term debt also ballooned from $1.9 billion in 2019 to $4 billion in 2020.

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At the beginning of 2020, JetBlue shares were trading at $18.90. By the beginning of March, the stock had dropped to $15.82 after news of the virus spreading in China prompted concerns about a U.S. pandemic.

On March 16, JetBlue shares dropped below $10. The stock ultimately bottomed at $6.61 on March 23, the same day the S&P 500 hit its pandemic low. On March 27, airlines received $25 billion in federal bailouts.

Airlines got another $15 billion in government bailouts in December. By that time, vaccine optimism had boosted JetBlue’s share price back up to above $15.

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JetBlue In 2022, Beyond: Vaccine rollouts in early 2021 had airline stock investors confident about a recovery of the industry in the second half of the year. In April 2021, JetBlue shares briefly surpassed their 2020 pre-pandemic highs, climbing as high as $21.96.

Unfortunately, while air travel has recovered, JetBlue has struggled with a number of company-specific issues in recent quarters beyond the pandemic. In the second quarter of 2022, JetBlue dealt with a combination of overly aggressive scheduling, bad weather and staffing constraints.

As a result of all its recent problems, JetBlue shares have now traded all the way back down to $6.84.

Read: JetBlue Locks Deal With Spirit To Create Low-Fare Challenger

At this point, investors who bought JetBlue on the day it hit its pandemic low and held on have generated a negative overall return on their investment. In fact, $1,000 in JetBlue stock bought on March 23, 2020, would be worth about $996 today.

Looking ahead, analysts are expecting JetBlue stock to rebound in the next 12 months. The average price target among the 10 analysts covering the stock is $9.75, suggesting 42.5% upside from current levels.