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.

Meme-style trading sent Kohl’s stock up as much as 100% on Tuesday. Here’s why investors should pull out of KSS shares today.

Retail investors are once again banding together to bet on highly shorted loss-making companies such as Kohl's and Krispy Kreme this week, bringing to mind the "meme stock" frenzy that gripped Wall Street four years ago.

Short squeezes have been a key piece of the stock market rally as short sellers have lost just shy of $355 billion since the market bottom on April 8, according to data from S3 Partners.

"It has been building from its lows and people started promoting it online," stated Morningstar analyst David Swartz on the day trading action. "They're buying it because other people are buying... and they think they can start a short squeeze, and that’s what’s happening," he added.

Krispy Kreme and action camera company GoPro have joined the meme stock rally as their shares surge. Like the shares of Opendoor and Kohl’s, both Krispy Kreme and GoPro were heavily cited by users of the wallstreetbets subreddit. The meme stock rally is back and gathering steam.

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.