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.

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,

Shares in Krispy Kreme donuts, camera maker GoPro, and retailer Kohl's have risen dramatically this week, driven by online hype.