Barstool Sports magnate Dave Portnoy has solidified his reputation as a maverick trader after purchasing shares of Spirit Airlines Inc
SAVE when the company’s merger with JetBlue
JBLU was terminated, causing Spirit’s stock to nosedive by over 50%.
Despite a subsequent 25% drop in the stock following Spirit’s debt refinancing announcement, Portnoy boldly upgraded Spirit’s stock to a “mega buy” at around $4 per share. The stock has since rebounded, currently trading at approximately $7 per share as of Friday afternoon.
Following its recent lows, Spirit’s stock has surged by more than 60%, leading to an estimated unrealized gain of $600,000 for Portnoy, as reported by Quiver Quantitative. Celebrating this triumphant feat, Portnoy declared the official return of “Davey Day Trader” — his stock-trading alter ego.
Read Also: Dave Portnoy Buys SAVE Stock, Loses 25%, Makes It All Back In Turbulent Spirit Airlines Trading
Portnoy humorously tweeted on Friday, “When #DDTG upgrades a stock to a ‘mega buy,’ you grab your green hammer and smash the buy button,” while adding a disclaimer that he is not a financial advisor, but a gambler instead.
Portnoy has shown he is not a passive investor, using his voice as a shareholder to champion Spirit’s commitment to its customers. This was evident in his Twitter response to a woman’s claim that her underwear had been stolen while flying on Delta Air Lines
DAL, to which he replied, “Never heard of that happening on Spirit!”
Portnoy’s gambling has brought substantial profits in recent weeks. Notably, he secured a significant windfall after betting $1 million on the University of Michigan triumphing over the University of Washington in the NCAA’s national championship game.
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