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 ...

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.

Meme-stock mania might be back, but old heads may have noticed that the moves this time around are lacking a certain explosiveness.

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.

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