Shares of Tupperware (NYSE:TUP) are far from their glory days, but TUP stock is doing well on Thursday. That’s as TUP is up about 50% so far today, roaring to its highest levels since March.
In fact, at today’s high, the stock was up 97% — almost doubling on the day. That comes after strong gains on Monday and Wednesday, when the stock rallied about 75% and 43%, respectively.
So far this week, Tupperware shares have changed hands more than 400 million times. That’s probably its highest weekly volume ever. One week in April, the stock generated trading volume of 57 million shares. In July 2020, it did close to 58.5 million shares of volume in one week. So, this week’s volume total is already in multiples of its prior highs. Additionally, even though TUP stock is well off the session high, shares are still up more than 200% so far on the week.
What’s driving the gains?
Active investors and momentum traders are locking onto Tupperware as potential meme stock and short squeeze candidate. While the short interest is high, it’s not astronomical. According to Fintel, Tupperware’s short interest sits at around 25%. Is that enough to fuel more upside?
Largest Shareholders of TUP Stock
Tupperware is not what it used to be. The firm was founded in 1946 and eventually went public in 1996 following a spinoff from Kraft Heinz (NASDAQ:KHC).
While TUP stock traded as high as $97 in December 2013, the business slowly started to erode and the stock price followed suit. Five years later, the stock had lost around 60% of its value. Fast forward to January 2020 and TUP stock was down more than 90% and trading below $10 per share.
After the Covid-19 selloff, TUP dropped to as low as around $1 before going on a roaring rally. All of a sudden, consumers were cooking and eating at home, driving demand for kitchen-related products and food storage solutions.
While the stock put together a 3,200% rally, it simply wasn’t enough. TUP stock ultimately fell again from those levels and recently bottomed at 61 cents earlier this month — an all-time low.
So, while the stock has been roasting higher this month — up about 300% — it comes with the caveat that the share price was annihilated long before this movement.
Currently, the five largest shareholders of TUP stock include Blackrock (NYSE:BLK) with 2.89 million shares, Vanguard with 2.45 million shares and Shaw D.E. & Co with 2.06 million shares. Rounding out the top five is Charles Schwab Investment Management with 1.78 million shares and Acadian Asset Management with 1.51 million shares.
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On the date of publication, Bret Kenwell did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
