The department store saw its share price double in early trading, thanks to heightened interest in the stock from online forums.

After rocketing nearly 38% higher yesterday, shares of Kohl's ( KSS -15.69%) traded close to 16% lower, as of 12:12 a.m. ET today. Shares bobbed and weaved in violent trading sessions sparked by interest from retail investors, who view Kohl's as a meme stock.

Shares in the retailer jumped 38% as investors discussed whether it was the next meme stock. The heavily-shorted shares are still down nearly 30% over the past year. Target (TGT) s

There is a sudden interest by investors in highly shorted stocks this week that has led to some outsized rallies. Kohl's Corporation (NYSE:KSS) did not show any clear signs of letting up in premarket action on Wednesday after a wild ride on Tuesday that saw the department store stock surge 38% on volume that was 20X the normal activity.