Krispy Kreme and GoPro were among the companies riding the latest meme stock rally on Wednesday, as retail traders latched on to the highly shorted names a day after piling into the shares of department store company Kohl's.

Investors are again turning to meme stocks in the hopes of scoring quick gains. The latest beaten down companies to see a share price revival are Krispy Kreme, GoPro and Beyond Meat.

The meme stock rally is back and gathering steam. Shares of two other struggling companies—Krispy Kreme (DNUT) and action camera company GoPro (GPRO)—are extending their recent surge and joining those of online home buying website Opendoor (OPEN) and home goods retailer Kohl's Corp.