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%.

Even as Opendoor and Kohl’s stalled, two other stocks were taking up the meme-trade mantle on Wednesday. Shares in doughnut chain Krispy Kreme surged 20% ahead of the opening bell, and mortgage lender Rocket jumped 14%. Both have significant short interest and have drawn interest on WallStreetBets in recent days.

CNBC's Jim Cramer advised against shorting the stock of Kohl's, comparing the scenario to GameStop's short squeeze four years ago. Kohl's balance sheet isn't bad enough to justify such a heavy short position, Cramer said.

Shares in the retailer jumped 38% as investors discussed whether it was the next meme stock. The heavily-shorted shares are still down nearly 30% over the past year. Target (TGT) s

There is a sudden interest by investors in highly shorted stocks this week that has led to some outsized rallies. Kohl's Corporation (NYSE:KSS) did not show any clear signs of letting up in premarket action on Wednesday after a wild ride on Tuesday that saw the department store stock surge 38% on volume that was 20X the normal activity.