Conventional wisdom is out the door for some surging stocks as online hordes are bringing back meme stock mania.

Kohl’s Corp shares briefly doubled in value to a ten-month high of $21.23 on July 22, making it one of the most traded stocks on retail platforms. The chain became the latest “meme stock,” as the surge in trading was driven by online discussions on platforms like Reddit’s WallStreetBets.

Meme stocks might be back, but activity in the options market shows investors aren't exhibiting the same appetite for risky bullish bets this time around. Mandy Xu, head of derivatives market intelligence at Cboe Global Markets,