Investor enthusiasm faded for the latest meme stocks on Wednesday, with shares in heavily shorted Krispy Kreme and GoPro closing well below their session highs, while Tuesday's investor darling - department store Kohl's - finished sharply lower.

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.

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