Small investors piled into Kohl's Tuesday and sent shares flying upwards as the department store retailer became the latest business caught up in a stock market frenzy.

Kohl's stock price nearly doubled overnight, surging from $10.42 to $19.53 per share. Online forums, including Reddit's Wall Street Bets, are believed to be contributing to the increased trading activity. Kohl's Chief Marketing Officer, Christie Raymond ...

During the company's most recent quarterly call with investors and analysts, Kohl's reported a 4.1% sales decrease, continuing a streak of quarterly sales decreases that has started more than two years ago. The company is also expecting a net sales decrease between 5% and 7%.

Shares of Kohl's ( KSS 36.04%) were soaring today after the ailing department store chain became the latest stock to get the meme treatment, following in the footsteps of Opendoor Technologies ' meteoric rise in recent weeks.

Huge interest in the Menomonee Falls-based retailer's stock drove so many trades July 22 that trading was briefly suspended. The rally came after online forums talked up shares in the retailer, which has suffered from sales slumps and corporate leadership turnover.

Kohl's Corp. shares surged nearly 40% on Tuesday in the absence of news on the retailer, a move reminiscent of the meme stock frenzy of 2021. Monitor these chart levels.

The market saw a fresh meme stock frenzy this week. While high exuberance can be a contrarian sell signal, sources say the market is still in good shape.