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.

Is a beaten-down retailer the newest meme stock? That's one possible explanation for today's jump in shares of Kohl's, which were recently up some 30% in morning trading.

CNBC's Jim Cramer, host of Mad Money, ended his show by issuing some advice to the hedge funds shorting Kohl's: "Cover and move on."

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 ...

Shares of department store chain Kohl’s (NYSE:KSS) fell 16.4% in the afternoon session after the stock gave back a significant portion of the previous day's massive gains, which were driven by a meme-stock-style trading frenzy.

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.