Tupperware might just be the latest meme stock after its shares tripled in a week
Tupperware is in trouble. Mired in debt, fighting sliding sales, and a share price in freefall, the brandShares in the embattled food container maker more than tripled since July 20 to just over $3, leaving many to wonder whether it might be the latest"meme stock." , 27% of Tupperware shares that are available to trade have been"shorted" by investors.
The amount of short interest in Tupperware has indeed fallen more than a quarter this year amid apparent interest from retail investors. Indeed, Neil Saunders, managing director of retail for the GlobalData consultancy, told Insider the surge was"not based on anything rational or certain." He added that the report in the Orlando Business Journal didn't seem to be based on new information.
"The point remains that none of Tupperware's difficulties have disappeared and the company is still in a very challenging position.", and debt of more than $700 million that dwarfs even its newly inflated valuation of $137 million. Shares have sunk by 91% over the past five years.Still, it appears some retail investors are believing the Tupperware hype.
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