Kohl's has faced tepid sales growth as it struggles to attract budget-conscious shoppers still hurting from elevated inflation. In May the retail chain, which has roughly 1,100 stores around the U.S., reported a fiscal first-quarter loss of $15 million and that net sales fell more than 4% from the year-ago period.

A day after Opendoor Technologies Inc. was swept up in the latest round of meme-stock mania, shares of Kohl’s Corp. skyrocketed amid what a behavioral-finance expert describes as a “mini-bubble.” Shares of the discount department-store chain ended the session up 37.

Investors are again turning to meme stocks in the hopes of scoring quick gains. The latest meme stocks are Kohl’s and Opendoor Technologies, two companies with struggling businesses.