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 Corp. shares posted a record one-day gain Tuesday, minting it as the newest meme stock, amid an influx of mentions by retail traders on social media.

Is a beaten-down retailer the newest meme stock? That's one possible explanation for today's jump in shares of Kohl's, which closed Tuesday up nearly 40%.