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What: Shares of Container Store Group Inc. (NYSE:TCS) were up 11.2% at 11:45 a.m. ET on Thursday, continuing the slow but seemingly steady recovery from the punishment they received earlier in the month.

So what: Two weeks ago, the stock plummeted 40% after the container retailer's quarterly results and guidance came in well below estimates. While today's pop comes on very little news, it's the second 10%-plus gain since that beating, suggesting that Wall Street is quickly starting to see some value at these low-single-digit price levels. Of course, the price action could very well be fueled by short-term traders looking for a quick contrarian play or by short-sellers continuing to cover, so Fools shouldn't look too much into today's gain when assessing the opportunity.

Now what: Expect Container Store shares to remain highly volatile until management shows clear evidence that its turnaround initiatives are indeed gaining traction. "We have now completed the rollout of our top three strategic initiatives, which were unprecedented in complexity for the Company, and we are diligently focused on maximizing sales paired with expense management despite some unpredictability and additional expenses that affected our results in the third quarter," said Chairman and CEO Kip Tindell last quarter. "We planned fiscal year 2015 as an investment year and remain steadfast in our belief that the investment is essential to maximizing the potential of these initiatives." With the stock continuing to sport a P/E of about 20, however, Mr. Market's near-term expectations might still be on the high side. 

Brian Pacampara has no position in any stocks mentioned. The Motley Fool owns shares of and recommends The Container Store Group. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.