SAVE - Is Spirit Airlines Stock a Buy?
2024-01-24 14:33:00 ET
It's been a wild few days for Spirit Airlines (NYSE: SAVE) stock. Last week, a federal judge blocked its proposed merger with JetBlue Airways (NASDAQ: JBLU) due to concerns over potential price increases from the latter. Spirit's stock fell 50% on the news, putting shares down over 90% over the past 10 years, significantly underperforming the broad market indices over that time span.
Now, in the last few days, Spirit's stock has started to rise again. After hitting a low of roughly $4.30, the stock is now at $7.77 as I write. It is unclear exactly why. It could be because of the two airlines filing an appeal to put the merger through, traders looking to buy the dip on a bombed-out stock, or short-sellers covering their positions. Maybe a mix of all.
Whatever the reason, there are a lot of people asking themselves whether they should join the party and buy some Spirit Airlines stock right now.
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Is Spirit Airlines Stock a Buy?