Tupperware (TUP) stock is up nearly 20% today as its meme-rally continues to lift the once-struggling company.
Indeed, TUP has jumped by as much as 240% in the last month as the newest subject of apparent meme-stock investors.
If you recall, just months ago the company was hinting at potential bankruptcy, along with delisting concerns as its stock price fell below $1.
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Tupperware (NYSE:TUP) stock continues to enjoy its newfound investor attention lately. Indeed, TUP is up more than 20% today as one of big meme-stock winners recently.
What’s up with TUP stock lately?
Well, just as the legendary plastic storage container company was on the verge of bankruptcy, a short buying spree has lifted TUP back into partial relevancy. Shorts are up more than 24% from July to more than 28% of the company’s float. This has driven Tupperware stock up a staggering 90% in just the past month.
From risking delisting in July when its share price fell below $1, Tupperware is now one of the biggest movers on Wall Street. The company has had surges of more than 200% in recent months, allowing the company to dodge bankruptcy, a major concern for the business not long ago.
In fact, just four months ago, the Orlando-based company shared doubts about its long-term integrity in the face of slowing sales. Now, the company is actually managing to organically impress investors with a recent debt restructuring announcement. Earlier in August, Tupperware enjoyed a bit of investor love following its announcement that it would strike a new deal for its current debt structure, a major win for a company many thought was heading for the pink sheets just weeks before.
“By coming to various agreements on its debt, Tupperware has bought itself breathing space,” said Neil Saunders, managing director of analytics company GlobalData. According to Saunders, however, it’s likely too early for cigars. The company “has not solved all its long term issues. … It is not out of the woods yet.”
Let’s see which institutional investors have been clamoring for the latest big meme-stock big-wig.
5 Investors Betting Big on TUP Stock
- Interestingly, Charles Schwab Investment Management holds the most TUP stock, with 3.3 million shares, representing a market value of $2.66 million.
- Vanguard is the second largest TUP owner, as per Whale Wisdom. The infamous mutual fund owns 2.3 million shares, worth $1.89 million.
- Meanwhile, D.E. Shaw holds 2.12 million shares worth $1.7 million.
- Acadian Asset Management is the fourth-largest holder of TUP with 1.67 million shares, worth $1.34 million.
- Finally, AQR Capital Management is the fifth-largest holder of TUP. It has 1.07 million shares worth more than $856,000.
On the date of publication, Shrey Dua 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.