Spirit Airlines Stock Keeps Surging: What's Next?

The COVID-19 pandemic hit U.S. airline stocks hard earlier this year: none more so than Spirit Airlines (NYSE: SAVE). Shares of the budget carrier changed hands for nearly $45 as recently as mid-February. Within weeks, Spirit Airlines stock had plunged into single-digit territory, hitting an all-time low of $7.01 on March 19.

As recently as May 15, Spirit Airlines stock closed at $8.01, within striking distance of its mid-March low. But the stock has rallied furiously ever since. Over the following six trading days, shares of the budget carrier gained more than 50%, reaching $12.31. The next seven trading days were even more spectacular, as the stock rallied another 71%, reaching $21.02 by the end of the day on Thursday. The stock then skyrocketed as much as 23% on Friday, topping out at $25.94, before retreating to end the day at $22.62. Spirit Airlines stock has now more than tripled off its 2020 low.