Tupperware (NYSE:TUP) stock is continuing a recent rally on Wednesday as retail investors continue to squeeze the food storage company’s shares.
Today’s movement comes after TUP stock experienced a massive rally on Tuesday alongside increased trading volume. That surge in interest in the company came about after the New York Stock Exchange granted the company’s request for extra time to regain listing compliance.
However, short interest in the stock is another hot reason retail traders are interested in TUP stock. The short interest in the company is sitting at 19.4%, according to Fintel. That same source notes that shares available to short were sitting at 80,000 as of this writing and even dropped to zero earlier this morning.
What This Means for TUP Stock
With a short squeeze likely occurring, it makes sense that TUP stock is taking off on Wednesday. However, that doesn’t mean the company’s stock will be able to maintain this inflated price. It’s probable that the stock will lose much of its gains once retail investors sell the shares after the rally.
As far as trading volume goes, some 17 million shares of TUP stock have changed hands as of this writing. That’s closing in on the company’s daily average trading volume of about 22 million shares. This brings with it a 27.9% increase for TUP shares on Wednesday morning. Despite that, the stock is still down 53% year-to-date.
There’s plenty of other stock market news that traders will want to know about today!
Luckily, we’ve got them covered with our deep dives into the biggest stock market stories on Wednesday! A few examples of that include why stocks are up today, what has SoFi (NASDAQ:SOFI) stock on the rise, and Walgreens (NASDAQ:WBA) announcing its new CEO. All of that info is readily available at the links below!
More Stock Market News for Wednesday!
- Why Are Stocks Up Today?
- Why Is SoFi Stock Up Today?
- WBA Stock Alert: What to Know as Walgreens Names New CEO
On the date of publication, William White did not have (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.