Kohl's Corporation (KSS) saw its stock price soar by 7.87% during Wednesday's trading session, as the retail giant appears to be caught up in the latest wave of meme stock enthusiasm. This significant uptick comes as part of a broader trend that has seen several companies experience sudden and sharp rallies reminiscent of the meme stock phenomenon that first captured market attention in 2021.

The surge in Kohl's stock price aligns with observations from market analysts who have noted a resurgence in meme stock activity. According to a recent report by Leuthold Group, the underlying drivers of the meme stock phenomenon never truly disappeared after the initial explosion in 2021. Greg Swenson, a senior research analyst at Leuthold Group, stated that it shouldn't be surprising to see meme-stock activity "bubbling back to the surface" as "the behavior never really left."

While Kohl's itself hasn't released any company-specific news to justify such a dramatic price movement, its inclusion in the current meme stock rally suggests that retail investors may be targeting companies with significant short interest or those perceived as undervalued. As the market continues to show strong "animal spirits" and investors seek new opportunities, companies like Kohl's may experience increased volatility and attention from retail traders looking to capitalize on short-term price movements.