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.

During the company's most recent quarterly call with investors and analysts, Kohl's reported a 4.1% sales decrease, continuing a streak of quarterly sales decreases that has started more than two years ago. The company is also expecting a net sales decrease between 5% and 7%.

The recent trading frenzy resembles the 2021 "meme stock" rally, marked by surges in stocks like GameStop and AMC Entertainment. Contributing factors included COVID-19 lockdowns, which increased savings,