Shares in department store chain Kohl's surged as much as 105% Tuesday in what appeared to be a social media-driven short squeeze. Why it matters: It may mark the return of meme stock mania —but also another potential sign that this market rally may be getting out of hand.

The latest so-called meme stocks are the department store Kohl’s Corp. KSS-N, which has surged this week, and the online-based real estate company Opendoor Technologies Inc. OPEN-Q, which has skyrocketed this month. Both companies have been struggling in their respective sectors.

As the stock market pushes into record territory and some companies trade at lofty levels, investors are once again looking for bargains among some of Wall Street's beaten down companies.