In April, it raised doubts about its ability to continue amid growing concern about weak sales, while in May it said it signed on investment bank Moelis & Co to help explore strategic alternatives.Tupperware’s stock on Thursday was also among the most watched tickers on retail-investor-focused Stocktwits.com, with an “extremely bullish” sentiment score.
The move in Tupperware’s shares echoes those seen in financially challenged companies like Bed Bath & Beyond and other “meme” stocks known for their sudden popularity with retail investors. Also like other “meme” shares, Tupperware’s stock is highly shorted. About 25% of the company’s public float was sold short as of July 14, according to Refinitiv data.
Investors who sell securities ‘short’ borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.