Few people would have picked Kohl’s stock as a candidate for a double. Thanks to a “gamma squeeze,” it became the latest meme-trade darling to gain more than 100% in a single day.

A key reason why Kohl's Corp. stock received the attention it has this week, has been because of the number of shares bet against the company.

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.

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.

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.

Social media buzzed with excitement on Monday as some beaten-down stocks that retail traders have been buying began to soar. Kohl's, Opendoor Technologies, Krispy Kreme and Rocket Cos. were among the names that posted outsized swings throughout the week.

Kohl's and Krispy Kreme have been subject of online chatter, including on WallStreetBets, about their potential. Rocket Companies is up 6%.

Financial markets once again have been seized by meme-stock mania. In mid-July, a frenzied rally erupted around a cohort of beaten-down companies, including Opendoor Technologies Inc., Kohl’s Corp. and Krispy Kreme Inc.