Investor sees not so sweet Tootsie future

Halloween may bring more tricks than treats for Tootsie Roll Industries, according to a short-seller.

Ben Axler’s Spruce Point Capital Management is taking a short position on the candymaker and predicts its stock could fall as much as 50 percent because of changing consumer tastes and increasing regulations on sugary snacks, according to a report from the hedge fund obtained by The Post.

While all candy brands must contend with these changes, Spruce Point finds that the Chicago-based confectioner, maker of its namesake candy, Andes chocolate mints, Dots, Sugar Daddy and other sweets, is lacking in innovation.

“In Spruce Point’s opinion, Tootsie Roll’s historical success is tied to consumer nostalgia around select products and children’s craving of sugary snacks,” the report said.

Hershey, meanwhile, is experimenting with flavors that blur the line between “healthy and indulgent snacking,” the report said.

Making matters worse, going into Halloween, channel checks performed by Spruce Point found that Tootsie Roll is also losing shelf wars to companies such as Hershey and Mars.

“They uniformly get the worst product placement,” Axler told The Post.

Instead of being at eye level, Tootsie Roll products were routinely on the bottom shelf at such retailers as Walmart, Duane Reade and Target. The brand is not present in checkout lines, Spruce Point found.

Tootsie Roll shares are down 4.6 percent this year, to $36.80 at Tuesday’s close. The company did not respond to requests for comment.