Tupperware Brands Corporation (NYSE:TUP) shares popped on Tuesday. The move may be fueled by retail investor interest.
What To Know: Tupperware’s status as a meme stock may explain why the stock is moving so strongly on Tuesday. Retail investors, often organized in online forums such as Reddit’s r/wallstreetbets, buy up large amounts of shares of troubled stocks like Tupperware, inflating the price.
Tupperware stock also has elevated short interest with 22.39% of shares currently sold short, which is a trademark behind retail investor fueled moves.
In July and August, Tupperware stock spiked after a rally in AMC Entertainment stock spread to other so-called meme stocks. While the stock has fallen steadily since it reached a high in early August, Tuesday’s move marks the first significant gain since it peaked.
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TUP Price Action: Shares of TUP were up 25.6% at $1.47 at the time of publication, according to Benzinga Pro.
Image by Ernest_Roy from Pixabay
