Shares of Kohl's Corporation (NYSE:KSS) more than doubled in value on Tuesday in a stunning rally fueled by retail investor enthusiasm, surging short interest, and frenzied options trading despite no apparent news from the US department store chain.
The stock jumped as much as 105% in premarket trading before opening up 87%. By early afternoon, it had pared gains but remained up 35% at just over $14, prompting a volatility halt earlier in the session.
Kohl’s was the most-mentioned ticker on the Stocktwits investor forum and became one of the most-traded names across retail brokerage platforms. LSEG data showed nearly 49% of its free-floating shares were sold short, adding fuel to the rally as traders looked to squeeze out bearish bets.
Roughly 87 million shares had changed hands by 10 am ET — more than 11 times its 25-day moving average — evoking comparisons to the 2021 retail trading mania that sent stocks like GameStop and AMC Entertainment soaring.
The meme-stock resurgence also extended to other heavily shorted names like Opendoor Technologies, which is riding a six-session rally that has seen the online real estate platform soar over 300%.