Benzinga - by Aaron Bry, Benzinga Editor.
Barstool Sports founder Dave Portnoy recently announced he was purchasing shares of Spirit Airlines Inc (NYSE: SAVE) after the company’s merger with JetBlue (NASDAQ: 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 (NYSE: 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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