Shares of Tupperware jumped 15% in Tuesday morning trading, continuing a meteoric rally that has more than quadrupled the value of the stock since the start of July.
The gains are reminiscent of the meme stock mania that swept markets in recent years, when a speculative frenzy sent shares of struggling mall retailers spiraling. Tupperware’s stock was worth less than $1 in early July and recently traded at around $4.27.
Options activity has surged, as has retail trading in the shares. Some of the most actively-traded options bets yesterday were those pegged to the shares jumping to $5 or $7.50, Cboe Global Markets data show. Retail buying in the shares jumped to a record, according to Vanda Research.