Jim Cramer, host of Mad Money and former hedge fund manager, is one of the most recognizable voices in finance.
Despite his decades-long career and prominence, Cramer has his fair share of detractors. At times, he seems to possess an uncanny ability to make the wrong call. There are numerous instances in which the investor has recommended buying an asset, only for it to experience a crash in short order — or selling an asset just before it sees a sharp move to the upside.
This fact even led to the launch of an ‘Inverse Cramer’ exchange-traded fund (ETF) by Tuttle Capital. However, readers should note that it seems like the commentator got the last laugh — as the ETF was closed after just a few months.
While he is primarily known for his many blunders, Jim Cramer was an early Nvidia (NASDAQ: NVDA) bull — even going as far as naming his dog after the semiconductor company.
On January 28, as Nvidia stock was still struggling to reclaim some of the gargantuan losses it made earlier in the week, the former fund manager gave his take on the situation. Unsurprisingly, a deluge of humorous quips — as well as legitimate concerns, followed suit.
Let the sellers sell Nvidia stock, says Jim Cramer
The market commentator opined that it is still too early to buy Nvidia stock in a January 28 post made on social media platform X. In addition, he added that more sellers will be ‘cleared out’ and that no real crescendo has occurred — urging investors not to open long positions at higher prices.
At the time of Jim Cramer’s post, Nvidia stock was changing hands at roughly $120.06 — by press time, prices had risen to $120.88.
Understandably, quite a few market participants took Cramer’s recommendation against buying as a strong bullish signal — anticipating that his advice to wait for more favorable prices would cause an instant turnaround.
How exactly things play out remains to be seen. However, Cramer’s bullish stance on Nvidia stock is echoed by a vast majority of Wall Street analysts, who believe that prices will rebound, and that there is significant upside potential going forward.
Featured image via Shutterstock
