Updating stock via REST API returns 200 but does not update

I’m attempting to update the stock level of a product via the REST API, PUT /rest/V1/products/{sku}/stockItems/{stockId}. When I send the request, it responds with 200 OK and the ID of the stock item, but when I view the quantity in the admin panel the stock level has not changed.

It’s a single product that’s behaving this way, as far as I can tell all the others respond correctly to stock updates.

I am aware that this can sometimes be due to issues with the store code; however I have tried with store codes default, all, and 0 (I have only one store and am operating in single-store mode, so it is store 0) and get the same result.

Running on Magento 2.3.6.