The stock of Tupperware (NYSE: TUP) has fallen by 57% so far this year, while the S&P 500 index SPX +2.06% has been down by 23%. Tupperware’s early May withdrawal of financial estimates has been a major factor in the stock market’s underperformance. Stock in Tupperware fell to an intraday low of $5.54 last week, a price it hadn’t traded at since early July 2020.

An insider group at Tupperware paid $2.2 million between June 10 and 14 for 361,500 shares or $5.96 apiece. At an average price of $6.07 per share, Executive Vice Chairman Richard Goudis paid $1 million for 170,000 shares on June 10th, according to an SEC filing. Goudis, a former CEO of Herbalife Nutrition (HLF), bought the company via a trust he set up. Tupperware shares are also held in a personal account by the investor.

Neither Tupperware nor its officials were willing to speak to the media about the purchase of shares.

A former Federal Trade Commission commissioner and former Herbalife executive, director Pamela Jones Harbour’s husband was another major purchaser. Tupperware shares bought at an average price of $5.70 apiece cost John Harbour $256,500 on June 14. In her name, Pamela Harbour has a stake of 17,877 shares.

At an average price of $6 per share, Tupperware CEO Miguel Fernandez paid $210,000 on June 10 for 35,000 shares. 461,965 Tupperware shares are now his. This year, Fernandez was purchasing stock at a premium of more than three times its current value. On March 2nd, he paid $197,300 for 10,000 shares or an average of $19.73 per share.

In mid-May, Lane Research’s principal and head of research, Douglas Lane, reduced Tupperware’s projections. Despite this, he maintained a Buy rating and lowered his price objective to $12.50, down from $25.

“We believe that the company is still in the very early innings of its efforts to properly monetize the Tupperware brand, and at current valuations, even on our well below consensus estimates, patient investors may look back to this period as being a very attractive entry point into the stock,” he wrote.

Securities and Exchange Commission, for example, is one example of a regulatory body (SEC) and others require these investors, who have insider status, to register all stock transactions.

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