On Wednesday’s episode of Mad Money, host Jim Cramer commented on the current state of the IPO market and recent price behavior, expressing cautious optimism but also warning about speculative excess.

“As a rule, I don’t root against IPOs. I don’t want to root against anything that could potentially make you a lot of money. Man, I do despise froth because where there’s froth, there’s soon to be losses… See, it’s vital that the IPO market calm the heck down.”

READ ALSO: Jim Cramer’s Latest Lightning Round: 8 Stocks in Focus and Jim Cramer Weighed In on These 11 Stocks.

Cramer said that if the current action in IPOs continues unchecked, he would be forced to call it what it is: a bubble. Drawing from his experience during the dot-com crash, he stressed that he is ready to sound the alarm early this time, even if it means pushing investors away from newly listed stocks that exhibit irrational price surges. He said, “I’m bullish on this market, but I’m not a perma bull, people.”

Discussing the behavior of recent IPOs, Cramer pointed out that those who bought at the peak are likely feeling regret. He argued that it should serve as a reminder that stocks are inherently risky, and chasing them to unsustainable highs can lead to substantial financial losses. In contrast, he turned his attention to the broader market, noting that the S&P 500’s price-to-earnings ratio, currently at 25 times expected earnings for next year, “isn’t all that outrageous.”

“There are plenty of stocks that may be selling at low levels versus where they go, be, if interest rates could, you know, if interest rates go lower. We don’t know about that, what’s going to happen yet. But it was the IPO market, not the regular market, that was getting frothy. If that froth is fizzling away, we’re in better shape than we were just a few weeks ago.”

Our Methodology

For this article, we compiled a list of 12 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on September 17. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the second quarter of 2025, which was taken from Insider Monkey’s database of over 900 hedge funds.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

Jim Cramer Recently Shared His Thoughts on These 12 Stocks

12. Circle Internet Group (NYSE:CRCL)

Number of Hedge Fund Holders: 39

Circle Internet Group (NYSE:CRCL) is one of the stocks Jim Cramer recently shared his thoughts on. During the episode, Cramer discussed the stock’s volatile price movement, as he commented:

“Circle Internet, another crypto play. They have a stable coin, came public at $31, and rallied to $103 and then charged all the way to $298, are you kidding me, before falling to $131, where it is now. And I gotta tell you, it is still way too high. The moves in Figma, Bullish, and Circle Internet were all unsustainable.”

Circle Internet Group (NYSE:CRCL) builds infrastructure for stablecoin and blockchain applications. The company provides U.S. dollar-backed stablecoins with payment, liquidity, tokenization, and developer services. In an August episode, Cramer mentioned the stock and said:

“Next up, the larger deal was Circle Internet Group. The IPO market was starting to heat up… by the time Circle came public in early June. But even though Circle upsized its deal significantly and raised its offer price range and then still priced well above the high end of the range, it wasn’t ambitious enough. Deal priced at 31, but the stock opened for trading at 69. Within three weeks, it was nearly at 300. It’s since cooled off around, they’ve come down to 165, but that’s still probably way too high. I think winners from CoreWeave rolled their take into Circle and turned it into a meme stock.”

11. Figma, Inc. (NYSE:FIG)

Number of Hedge Fund Holders: N/A

Figma, Inc. (NYSE:FIG) is one of the stocks Jim Cramer recently shared his thoughts on. Cramer discussed its valuation during the episode, as he said:

“When we get parabolic moves in newly minted stocks like Figma, which launched at 33, quickly went to an intraday high of 142, I was sick to my stomach. It’s why I went back to my old days of shtick and crushed a box of Fig Newtons. We know that the people paying $142 for Figma had no idea what they were buying, a web-based collaborative design platform, because if they did, they’d never ever pay that much for it. Even now, Figma stock has come down to 54 bucks and change, you’re still talking about a price-to-earnings multiple of 178. That is just plain nuts.”

Figma, Inc. (NYSE:FIG) provides a cloud-based design platform that enables teams to collaborate on interface design, prototyping, and product development. It provides tools for design systems, whiteboarding, presentations, illustration, brand assets, websites, and AI-driven prototyping.