Tupperware has debt of $700 million.Scott Olson/Getty Images
Tupperware might be the latest meme stock after more than tripling in value within a week.
The troubled food storage brand is battling sliding sales and a $700 million debt mountain.
But redditors on popular trading groups are bigging up the stock and boasting about their stakes.
Tupperware is in trouble. Mired in debt, fighting sliding sales, and a share price in freefall, the brand established by Earl Tupper in 1946 looks to be on its last legs.
However, it seems a few investors didn’t get the memo.
Shares 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.”
According to data from Marketwatch, 27% of Tupperware shares that are available to trade have been ”shorted” by investors.
But some speculators who borrowed shares expecting them to fall further have now been caught out by the surge. That’s forced some to buy more shares to…
2023-07-29 18:34:24
Article from finance.yahoo.com