The meme traders are back. Shares of Tupperware (TUP) have exploded by about 165% this week and more than 300% over the last month for no discernible reason.
The Florida-based container company has been in hot water for some time. Sales are on the decline and Tupperware even warned in April that it was on the brink of bankruptcy.
In early July, BlackRock stepped in as an investment partnerto Tupperware, possibly to help them manage their debt load. But no new material announcements or changes have been made since then. It appears that, like GameStop and movie theater chain AMC before it, Redditors are trying to send the 77-year-old struggling business “to the moon.”
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