Shares of Hawaiian Airlines’ holding company once traded at 30 cents during the dark days of the company’s 2003 bankruptcy.

On Friday, the stock of Hawaiian Holdings Inc. closed at its highest level in more than five years.

Hawaiian’s shares rose 16 cents, or 1.7 percent, to close at $9.50 on the Nasdaq Stock Market and increased its gain for the year to 44.6 percent. Its stock, which has risen about 79 percent since April 3 of this year, had not closed at or above $9.50 since Sept. 26, 2008, when it hit $9.53.

The stock’s rise coincides with recent industry speculation that Delta Air Lines might be looking to acquire Alaska Airlines in the latest industry consolidation following US Airway’s acquisition of American Airlines.

But Colorado-based aviation analyst Mike Boyd said the gain in Hawaiian’s stock likely has more to do with the company’s recent performance than any merger speculation.

"It may be because they’re doing everything right," Boyd said. "Hawaiian Airlines is looking at the world now, not just Hawaii. The China routes, the South Pacific, they’re really looking at maximizing their Hawaiian franchise so the stock might be going up for the reason the stock should be going up — Hawaiian has value."

Hawaiian spokesman Huy Vo declined to comment on the reason for the stock movement.

"We don’t comment on mergers and acquisitions or speculate the cause of stock fluctuation," he said.

Hawaiian, which spent 26 months in bankruptcy after filing for Chapter 11 on March 21, 2003, saw its shares hit bottom at 30 cents on June 12, 2003. An investor who bought $1,000 worth of shares at that price would have $31,667 today.

New York-based aviation analyst Bob Mann said there is a segment of institutional investors who view Hawaiian, as well as Alaska, as "a special situation" and a potential merger and acquisition play.

"But the multiyear trend in (Hawaiian’s) performance provides an equally optimistic basis for retail (individual) investors to bid up the share price," he added.

Mann noted that even though Hawaiian’s stock is at a recent high, it has moved less than the New York Stock Exchange Arca Airline Index, which is up 54.9 percent.

Boyd said it doesn’t make sense for another carrier to acquire Hawaiian.

"I don’t know what it would bring to the party," he said. "It doesn’t make a lot of sense for American, Delta or United. I don’t think Hawaiian would be additive to Delta, American or United.

"Alaska has been a (potential) merger partner literally for 40 years. They’re the prettiest girl at the ball but they never went home with anybody."