Needless to say, TripAdvisor’s stock has been fluctuating over the past couple of days. And today, it looks like TripAdvisor (NASDAQ:$TRIP) is slowly making a comeback, which is great news for those interested in stock options and the travel industry. On Friday, TripAdvisor’s stock soared, only a few days after the Needham, Massachusetts-based company reported its Q2 results.

Let’s review the stock’s past few days:

On Wednesday, TripAdvisor’s stock tumbled after the earnings report was posted, but it seemed to fully recover throughout the day. The stock then tumbled on Thursday, but Friday’s increase seems to have erased that decline from the memories of investors.

What caused the increase? Many speculate that an analyst upgrade played a defining role, although post-earnings volatility also deserves some credit. As of 3:37 p.m. EDT, shares were up 5.5%.

So, What Happened?

In the report, we see that TripAdvisor’s Q2 results surpassed analyst estimates across the board. Revenue increased 8% year over year to $424 million, while adjusted earnings per share remained flat at $0.38. Respectively, these numbers surpassed analyst forecasts by $2.5 million and $0.08.

While it’s true that the dull revenue growth and the lack of earnings growth pushed the stock down on Wednesday, TripAdvisor’s stock did end up closing the day marginally. Thanks to Friday’s increase, the stock is now at it’s highest level since May, even though the stock still remains down more than 60% from highs reached in 2014.

Again, an analyst upgrade may have played a role in the shares climbing up the ladder. Back in July, Cowen & Company upgraded the stock to ‘market perform’, attaching a price target of $40 per share. After the earnings report, Cowen raised its price target to $42 per share.

Now What’s Going to Happen?

It shouldn’t come as a total surprise to hear that TripAdvisor’s stock has a tremendous amount of volatility. In recent years, the company’s revenue has come to a quick halt, with sales even falling in 2016.

That said, TripAdvisor’s stock still trades for almost four times sales and around 60 times earnings. If you combine that sort of valuation with the company’s slow-moving growth, this is a recipe for big swings.

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