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 Corp. shares posted a record one-day gain Tuesday, minting it as the newest meme stock, amid an influx of mentions by retail traders on social media.

During the company's most recent quarterly call with investors and analysts, Kohl's reported a 4.1% sales decrease, continuing a streak of quarterly sales decreases that has started more than two years ago. The company is also expecting a net sales decrease between 5% and 7%.