Tupperware Stock Becomes Latest to Join Meme Craze
There's a new meme stock in town. Tupperware Brands Corp (NYSE:TUP) was last seen up 31.5% at $5.62, blasting out of penny stock territory as it becomes popular with retail traders. The security is among the most actively traded on Fidelity's retail customer platform, and is trending on Stocktwits.com with an "extremely bullish" sentiment score.
Drilling down to today's options activity, 99,000 calls and 41,000 puts have exchanged hands so far, or eight times the intraday average volume. The most popular is the weekly 8/4 5-strike call, where new positions are being opened, followed by the 5.50-strike call in that series.
The security is trading at its highest level since November, and eyeing its first close above the 320-day moving average since September 2021. Now pacing for its ninth win in the last 10 sessions, Tupperware Brands stock boasts a 603.1% quarter-to-date lead.
The only analyst in coverage calls TUP a "hold." It's also worth noting that the stock is still heavily shorted, with the 9.69 million shares sold short making up more than 25% of its available float, which would take over two days to cover at the average pace of daily trading.
