What happened

Shares of Tupperware Brands (NYSE:TUP) were rising again on Thursday after shooting up on Wednesday. The stock went up yesterday thanks to its earnings release for the third quarter of 2020. But today the stock is likely going up because an analyst raised its price target. As of 1:30 p.m. EDT on Thursday, Tupperware stock was up 13%.

So what

Tupperware released its earnings report yesterday, but its Form 10-Q (the official quarterly report) wasn't filed with the Securities and Exchange Commission until today. However, that's not a compelling explanation for today's move. A 10-Q filing doesn't materially differ from an official press release, though some interesting details can be teased out. But there's not likely anything in the 62-page filing to cause the stock to rise 13% today.

A businessman draws an upward arrow over a stock chart displayed on a transparent touchscreen.

Image source: Getty Images.

Tupperware stock is up over 200% in just the past three months. When a stock rises this much this fast, it can set up a short squeeze. But that's also unlikely here. According to Yahoo Finance, only 9% of shares were sold short as of Oct 15, allowing a short position to be closed in under two days -- not a ripe short-squeeze situation.

Therefore, the most likely explanation for today's move is an upgrade from D.A. Davidson. The firm reportedly raised its price target for Tupperware stock from $30 per share to $46. That still represents more than 40% upside from where it trades right now. 

Now what

Tupperware is proving a fundamental truth about the stock market: Day-to-day movements are hard to predict. After rising 35% yesterday, I would have guessed it would have pulled back a little today, if anything. But that's why I don't try to invest for a day or even a month. Over the long term, stock prices tend to follow revenue and earnings growth, which are easier to predict.

To that end, Tupperware management didn't offer investors much insight, withholding financial guidance due to the coronavirus pandemic.