Tupperware’s stock extends recent rally, up 350% in 5 trading days

tupperware’s-stock-extends-recent-rally,-up-350%-in-5-trading-days
Tupperware’s stock extends recent rally, up 350% in 5 trading days

Shares of Tupperware (TUP.N), a home and kitchen product maker, continued to experience significant and unexplained gains, surging over 50% and resulting in a nearly 350% increase over the past five trading days. This impressive performance comes despite recent concerns about the company’s business.

Tupperware’s stock reached its highest level since early March, peaking at $3.75, and closed with a 56.3% increase at $2.97. Trading volume also exceeded the company’s average, surpassing the stock’s 10-day moving average by more than eight times.

Despite earlier indications of trouble for Tupperware Brands Corp, based in Florida, the stock has managed to defy expectations. In April, the company raised doubts about its ability to continue due to weak sales, and in May, it enlisted the help of investment bank Moelis & Co to explore strategic alternatives. Additionally, Tupperware admitted to discovering prior period misstatements in its financial reporting.

Tupperware’s stock has attracted significant attention on Stocktwits.com, a platform popular among retail investors, with an overwhelmingly positive sentiment score.

The surge in Tupperware’s shares mirrors the trend observed in financially struggling companies like Bed Bath & Beyond (BBBYQ.PK) and other “meme” stocks that have gained sudden popularity among retail investors.

Similar to other “meme” stocks, Tupperware’s stock is heavily shorted, with approximately 25% of the company’s public float sold short as of July 14, according to Refinitiv data. Short sellers borrow shares and sell them, anticipating a decline in stock price. They aim to repurchase the shares at a lower price, return them to the lender, and profit from the difference.

Despite the recent gains, Tupperware’s stock remains down approximately 28% year-to-date.

Caroline Valetkevitch reported this article. Susan Heavey and Deepa Babington contributed to the editing process. The Thomson RushHourDaily Trust Principles guide our reporting standards.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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