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.

Kohl's shares soared Tuesday as investors piled in amid renewed exuberance for so-called meme stocks. The struggling department store's stock price jumped nearly 38%, or $3,92, to close at $14.34 a share.

Shares of U.S. department store chain Kohl's more than doubled in value on Tuesday, making it one of the most-traded stocks on retail trading platforms and triggering a trading halt.