Kohl’s Corp shares briefly doubled in value to a ten-month high of $21.23 on July 22, making it one of the most traded stocks on retail platforms. The chain became the latest “meme stock,” as the surge in trading was driven by online discussions on platforms like Reddit’s WallStreetBets.

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%.

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.