Kohl's stock jumps 100% in meme-stock frenzy
Kohl's stock went wild on Tuesday, jumping over 100% in premarket trading before closing up 30% after a brief halt.
The buzz took over Stocktwits, as retail investors piled in to trigger a short squeeze—basically forcing those betting against the stock to buy back in.
Short sellers were sitting on big losses
Nearly half to over 60% of Kohl's tradable shares were shorted, so when retail traders started buying en masse, short sellers scrambled to cover their positions.
Trading volume was off the charts—about 11 times the recent average.
All this happened with no major news, except Goldman Sachs nudging its price target up just a bit (from $5 to $7) but still saying "sell."
'Superfast momentum stocks'
This is another classic meme-stock moment: social media communities rallying around heavily shorted stocks and sending prices soaring, even if fundamentals don't support it.
Kim Forrest from Bokeh Capital Partners called these "superfast momentum stocks," running more on hype than company performance.
Opendoor saw similar surge
Opendoor Technologies saw a similar surge, with its shares jumping over 300% in just six sessions.
These wild swings show how much power online communities have—and how quickly things can get volatile when everyone piles in at once.