Tupperware Brands Stock Quintuples In July And It's Not Slowing Down: What's Going On?

Tupperware Brands Corp TUP shares are trading higher Tuesday, adding to gains of more than 425% over the last month. Retail traders continue to pile into the stock, which has become the latest meme craze.

What To Know: The extraordinary retail-driven short squeeze in Tupperware shares can be traced back to a surge in AMC Entertainment AMC shares at the beginning of last week. The outsized move was driven by a court rejection of the company's proposed settlement with shareholders. New developments in the case led to a pullback in the stock, but Tupperware has maintained its upward momentum.

The stock is trending across various social platforms as traders highlight high short interest in the name. More than 27% of the float is currently sold short, per data from Benzinga Pro. Tupperware was among the top stocks to watch on Benzinga's short squeeze watchlist this week.

On CNBC's "Squawk Box" Tuesday morning, tech reporter Kate Rooney reported that short sellers are down approximately 348% over the last month alone, and more than 170% since the start of the year. CNBC also noted that borrowing rates for short sellers are up to 34% for existing shorts and 140% for new stock. 

Tupperware is expected to report second-quarter earnings in approximately two weeks, although a date has not been confirmed by the company. 

See Also: 10 Short Squeeze Stocks To Watch: Toro Corp, Bullfrog AI Holdings, Tupperware, Blue Apron And More

TUP Price Action: Tupperware shares closed Monday up nearly 40%, locking in gains of more than 425% in July, according to Benzinga Pro. The stock was up another 28.3% to kick off August as of the time of writing. 

Photo: Phillip Pessar from Flickr.