Tupperware Brands Corp. witnessed an astounding surge in its shares on Monday, marking its largest one-day percentage gain to date. Despite the lack of any apparent news related to the company, the stock soared over 75% in what can be described as meme-like trading action. This significant increase surpassed the previous record of a 67.7% rise on July 29, 2020, according to Dow Jones Market Data.
With nearly 130 million Tupperware shares traded during the day, a new record was set, surpassing the previous high of 42.7 million shares traded on July 29, 2020. The average volume of the company’s shares over the past 30 days stands at approximately 2.4 million shares.
At the close of trading on Monday, the stock reached $1.58, marking its highest closing price since April 6, 2023, as reported by Dow Jones Market Data.
Despite ongoing challenges, Tupperware shares have experienced a decline of 62% so far in 2023. The company issued a warning of going-concern in April, revealing that it has enlisted the help of financial advisers. Moreover, misstatements in past financial reports were discovered earlier in the year.
It is worth noting that no recent filings or press releases on Tupperware’s website indicated any significant developments that could explain the surge in stock price. When approached for comment regarding the trading activity of the day, Tupperware did not respond immediately.
This surge in Tupperware’s stock price comes amid a trend where investors are willing to take risks with companies facing bankruptcy concerns. Carvana Co., a used-car retailer previously considered on the brink of failure, has witnessed an impressive resurgence this year, with its shares up almost 900% in 2023.
Explore more: Carvana’s Remarkable Stock Resurgence – An Insightful Chart.