New Meme Stock Rockets 800% on Short Squeeze
The stock's meteoric rise has been attributed to a large influx of buying from retail "meme stock" traders from online forums such as Reddit’s WallStreetBets and StockTwits.
Despite sending out multiple warnings to its shareholders over the past few months that the company is at serious risk of going out of business, Tupperware Brands (NYSE: TUP) stock has roared back to life. Shares of the embattled consumer products company surprised investors by rising as much as 768% over the past two weeks, catching short-sellers with their pants down in the process.
The reason behind the resurgence of Tupperware’s stock appears to be a result of a massive surge in retail buying by meme stock traders from online platforms such as Reddit’s WallStreetBets and StockTwits.
The spike in Tupperware shares, which was likely pushed even higher by a coinciding short squeeze, appears to also signal a revival in meme stock mania.
Source: CNBC Television YouTube
Meme stock mania gained notoriety throughout the investing world in 2021, thanks to mega short squeezes like GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC). In a nutshell, the primary strategy utilized by meme stock traders involves finding a heavily shorted stock, then, by utilizing their collective presence on investing forums like Reddit’s WallStreetBets and StockTwits, the group quickly piles into the stock, often causing a massive short squeeze, which ultimately sends the stock soaring.
Data from Vanda Securities shows that retail investors purchased nearly $15 million in Tupperware stock since July 21, 2023, when the company’s market cap was only about $40 million. The company’s market value has since soared as much as 497.5% to $239 million.
Shares of Tupperware closed trading today at $3.67 per share, down 31.78%. YTD, TUP stock is down 9.83%.
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