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 was still up 38% in single-day trading not driven by underlying fundamentals. In fact, it fired its third CEO in three years just two months ago.

Like other beaten down stocks suddenly embraced by retail investors, Kohl's has benefited this month from buzz in online investor communities like WallStreetBets, the Reddit forum that in 2021 helped power the starting market gains of companies like GameStop,