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January 27, 2021 02:08 PM

Tootsie Roll gets the GameStop treatment

Candymakers shares at record highs amid surge of shorted stocks

Bloomberg
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    A case of Tootsie Roll Industries Inc. Pops Halloween candy is pictured before being distributed to stores at the Associated Wholesale Grocers distribution warehouse in Goodlettsville, Tenn., on Aug. 14, 2015
    Bloomberg

    The stock of the maker of Tootsie Pops has spiked to a record as retail traders pour into heavily shorted issues fueled by excitement over GameStop's meteoric surge.

    Shares of Tootsie Roll Industries soared as much as 53% into record territory Wednesday, adding to its gains this week, and triggering a brief trading pause. As of 11:23 a.m. in New York, the stock had pared its advance to 14%. A spokesman for the company didn't immediately comment.

    The company, which makes its namesake candy along with other consumer brands like Junior Mints, has had a challenging year as traditional candy consumption events like Halloween and birthday parties were disrupted by the COVID-19 pandemic. Sales fell 14% in the latest quarter and both planned and impulse purchases of the products declined.

    But while falling retail sales traditionally lead to lower share prices, Reddit-charged day traders have been piling into previously unloved tickers in recent sessions, driving them to record highs. Short interest in the candymaker is 46% of its float, with 22 days to cover, according to data from S3 Partners.

    Ellen Gordon, the 89-year-old chief executive officer, owns just over half of the company's common shares and 81% of its B shares, according to company filings. Her stake in the business, which she owns both directly and on behalf of other family members, is now worth more than $1.8 billion at current levels.

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