Barstool Sports founder Dave Portnoy recently announced he was purchasing shares of Spirit Airlines Inc SAVE after the company’s merger with JetBlue JBLU fell through and Spirit’s stock fell more than 50%.
A minute after Portnoy announced his buy, Spirit announced that it was refinancing its debt, and the stock dropped another 25%.
Undeterred, Portnoy upgraded the Spirit’s stock to a “mega buy” when it sold off to around $4 a share. Since then, the stock has bounced back and is trading around $7 a share as of Friday afternoon.
From its lows yesterday, Spirit’s stock is up more than 60%. Portnoy has made an unrealized gain of around $600,000, according to Quiver Quantitative. With his big winner, Portnoy announced that “Davey Day Trader” — his stock-trading alter ego — is officially back.
Read Also: Dave Portnoy Buys SAVE Stock, Loses 25%, Makes It All Back In Turbulent Spirit Airlines Trading
“When #DDTG upgrades a stock to a 'mega buy' you grab your green hammer and smash the buy button,” Portnoy tweeted on Friday. He added a disclaimer stating that he is not a financial advisor, but a gambler instead.
Portnoy is not a passive investor either. He is using his voice as a shareholder to highlight Spirit’s commitment to its customers.
“Never heard of that happening on Spirit!” Portnoy tweeted in reply to a tweet from a woman claiming that her underwear had been stolen out of her bag while flying on Delta Air Lines DAL.
Portnoy’s gambling has been quite lucrative in recent weeks. Less than a month ago, Portnoy took home a big paycheck after the University of Michigan defeated the University of Washington in the NCAA’s national championship game. Portnoy bet $1 million that the Wolverines would take home the trophy.
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