NEW YORK (AP) — 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.

The latest so-called meme stocks include doughnut maker Krispy Kreme, camera maker GoPro and plant-based meat maker Beyond Meat. The gains follow sharp jumps recently for department store Kohl’s and the online-based real estate company Opendoor Technologies. The companies have been mostly struggling to notch profits.

Wall Street defines a meme stock as a stock that gains significant popularity and trading volume, primarily driven by social media hype and online communities, rather than the company’s fundamental financial performance. Think GameStop and Blackberry in 2021, and a few subsequent instances.

Often, meme stocks are initially the target of “short sellers,” or investors betting against the stock. If other investors start buying the shares and boost the price, that could prompt the people betting against the stock to buy more shares to cushion their own losses.

Krispy Kreme jumped 25 percent on Wednesday, adding to its 26.7 percent gain a day earlier. The company has seen several years of falling profits and revenue. Wall Street expects it to post a loss for 2025. During its last earnings update, the company pulled its financial forecast for the year as it reassesses its partnership with McDonald’s.

GoPro jumped 60 percent on Wednesday to follow its 41 percent gain on Tuesday. The company last posted an annual profit in 2022 and revenue has been sliding for several years as it faces more competition in a market for smartphone cameras that it once dominated. Wall Street is forecasting that the company will eke out a slight profit in 2025.

Beyond Meat gained 10 percent on Wednesday and is now up more than 30 percent for the week. The company has been struggling for years and has yet to notch an annual profit since going public in in 2019. The company warned in its latest earnings update that it is “experiencing an elevated level of uncertainty” and it pulled its financial forecasts for 2025.

Investors who buy now are betting that the momentum will continue, but it can shift suddenly.

Kohl’s, which operates 1,600 stores across the country, reversed course on Wednesday and slipped about 9 percent, although it is still up about 36 percent this week. It is wrestling with a number of challenges including a revolving door of CEOs and weak sales.

Opendoor Technologies shares also faded, falling 21 percent to give back most of this week’s gains. The stock nearly tripled last week. The stock’s recent gains came as hedge fund manager Eric Jackson touted the stock on X.

Opendoor faces a tough housing market, with elevated interest rates and a low supply of homes making purchases and sales difficult for both homebuyers and homeowners.