Spirit Airlines (NYSE: SAVE) stock has become wildly popular among some groups of retail investors in 2024. Small investors are buying the stock hand over fist despite its plunge below $5 this year, and it's now among the most widely held stocks in the portfolios on the Robinhood trading app. Spirit's stock price collapsed after a judge agreed with federal regulators suing to block its proposed merger with JetBlue on antitrust issues. Under that deal, JetBlue would have bought out Spirit Airlines stockholders at a price of $33.50 per share.

Now, shares of Spirit Airlines are trading 95% below their all-time high. Is this the perfect time to hop in and buy the dip on the troubled airline?

In 2022, JetBlue announced its intent to buy Spirit Airlines and merge the entities into the fifth-largest U.S. airline. In the years that followed, the two companies had to argue in court and to regulators that the deal was not anticompetitive and would not lead to higher prices for travelers. They made a compelling case, too, as the combined company would still be significantly smaller than big players like American Airlines or Delta.

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Source Fool.com