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.”
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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.”
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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.
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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.
10. Gemini Space Station, Inc. (NASDAQ:GEMI)
Number of Hedge Fund Holders: N/A
Gemini Space Station, Inc. (NASDAQ:GEMI) is one of the stocks Jim Cramer recently shared his thoughts on. Cramer poked fun at the company’s name but acknowledged crypto legacy and discussed the stock’s decline. He stated:
“Right now, we need a little curbing. I could say the same thing about Gemini Space Station, the ridiculous name for the crypto outfit, founded by the Winklevoss twins 11 years ago. After a 14% gain on its first day of trading last Friday, the stock has now fallen well below its $28 offering price. Again, I’m a client and I greatly appreciate the pioneering work in telling everyone and everything about crypto. It’s great. It’s been a fabulous run. Not so for their stock, but that’s okay too.”
Gemini Space Station, Inc. (NASDAQ:GEMI) operates a cryptocurrency platform that enables trading, storage, and custody of digital assets like Bitcoin and Ethereum. The company’s services include derivatives, staking, OTC trading, stablecoin, NFTs, a credit card, and institutional services.
9. StubHub Holdings, Inc. (NYSE:STUB)
Number of Hedge Fund Holders: N/A
StubHub Holdings, Inc. (NYSE:STUB) is one of the stocks Jim Cramer recently shared his thoughts on. Discussing how froth can lead to losses, Cramer said:
“That’s why I didn’t mind what happened to StubHub, the online ticket seller, came public at 23:50 today, and then saw its stock fall below its offering price by 1:15 PM. It finished the day at 22 bucks. Ouch. Look, I’m not picking on StubHub. I actually use them to get tickets wherever I go, including Wembley to see the Eagles play the Jags in a previous decade. I’m a fan of StubHub, but I’m happy to see this IPO fizzle because it will help curb your enthusiasm.”
StubHub Holdings, Inc. (NYSE:STUB) operates an online marketplace for buying and reselling tickets to sports, concerts, theater, and live events.
8. Ferguson Enterprises Inc. (NYSE:FERG)
Number of Hedge Fund Holders: 77
Ferguson Enterprises Inc. (NYSE:FERG) is one of the stocks Jim Cramer recently shared his thoughts on. Cramer mentioned the stock’s latest earnings, as he commented:
“You know me, at the end of the day, there’s nothing more exciting than great numbers. Take Ferguson, the North American distributor, building products ranging from heating, ventilation, air conditioning equipment to waterworks, plumbing, fire protection. Yesterday, Ferguson reported a big top and bottom line beat. Sent the stock up nearly 8% in response. Wow. This thing’s now rallied almost 30% year to date.”
Ferguson Enterprises Inc. (NYSE:FERG) supplies plumbing, HVAC, appliances, fire protection, and industrial solutions to residential, commercial, and infrastructure customers. In addition, the company provides specialized water treatment products, custom design, and fabrication services. During an April episode, Cramer said that the stock is in good shape. He remarked:
“Oh, I like Ferguson a lot. Now Ferguson’s part of a whole cohort of stocks that I like. They got brought down when people decided they didn’t want the data centers anymore. That’s a mistake. I think it’s in good shape.”
Since the above comment, Ferguson Enterprises Inc. (NYSE:FERG) has gained nearly 37.5%.
7. lululemon athletica inc. (NASDAQ:LULU)
Number of Hedge Fund Holders: 55
lululemon athletica inc. (NASDAQ:LULU) is one of the stocks Jim Cramer recently shared his thoughts on. A caller inquired if the stock, down 57%, might be worth considering at current levels. Cramer remarked:
“I tell you, I stopped liking them when I saw that they sued Costco for a really good product that Costco had. No, I’m not… Look, I think the American people want bargains. I would rather see you own Gap, which is going to be turning around this Athleta. That’s where I would go.”
lululemon athletica inc. (NASDAQ:LULU) designs and sells athletic apparel, footwear, and accessories for men and women, with products ranging from yoga and running gear to fitness-inspired items. A young caller inquired about the stock in a July episode and Cramer replied:
“Wow. You know… I don’t want to, like, Harrison’s obviously got horse sense. This is a really tough question because it is one of the five worst-performing stocks, I think, this year. I’ll tell you this, it’s down so low, I would be willing to take a flier. Why? Because you’re young. You got your whole life ahead of you. I think it’s worth it. To see lululemon down 43% this year, says to me, I want you to buy one share, but then you gotta wait… because I don’t want you to get married to lululemon.”
6. Celsius Holdings, Inc. (NASDAQ:CELH)
Number of Hedge Fund Holders: 52
Celsius Holdings, Inc. (NASDAQ:CELH) is one of the stocks Jim Cramer recently shared his thoughts on. A caller asked for Cramer’s short and long-term outlook on the stock, and he replied:
“Oh my God, I like John Fieldly [at] Celsius. Yeah, I got this book coming out, and this did not make it into the book. I wish it had. I think this company is doing incredibly well. I like them…”
Celsius Holdings, Inc. (NASDAQ:CELH) produces and markets energy and hydration products under the CELSIUS brand. It provides drinks, powders, and ready-to-drink options in multiple flavors and formats. Cramer discussed the stock in a June episode. He commented:
“How did Celsius get its mojo back, and more importantly, can it keep that mojo going? First, when the company reported in February, it delivered some excellent numbers and more importantly, it agreed to buy an outfit called Alani Nu…. As a result, the combined entities expect to have annual revenues north of $2 billion after the deal closes. Management believes this deal will be additive to earnings in the first year and sees an opportunity to rack up $50 million in synergies in the first two years.
Management also noted that together Celsius and Alani Nu accounted for about 50%… of total growth in the energy drink category last year. And because Celsius has a much larger distribution network than Alani Nu, integrating the two brands should generate some explosive growth… Since that earnings report in May, analysts have been turning more positive on Celsius. In part, that’s because the quarter was encouraging, but it’s also the case that in the nearly two months since then, scanner data has been incrementally positive for Celsius and Alani Nu…
Celsius is expensive, trades at 57 times this year’s earnings, but historically, believe it or not, that’s a lot cheaper than it used to be. Over the past three years, the average forward price to earnings multiple for this stock has been closer to 89 times earnings.
Let me give you the bottom line here: While Celsius may be a momentum name, the comparisons are about to get much easier. The standard trends have already improved, and I think Alani Nu acquisition, it could be a huge positive. So I wouldn’t be surprised if the stock could keep running. Although if you don’t own it yet, you might want to wait for a pullback before you pull the trigger.”
5. Ralph Lauren Corporation (NYSE:RL)
Number of Hedge Fund Holders: 54
Ralph Lauren Corporation (NYSE:RL) is one of the stocks Jim Cramer recently shared his thoughts on. Cramer made some positive comments about the company stock, as he said:
“In a year that’s been very tricky for most apparel stocks, Ralph Lauren… has been a phenomenal winner, up 33% for 2025, trouncing the S&P 500… I recommended this thing after speaking with CEO Patrice Louvet in August of 2023… If you’re selling a winner because they promised 150 basis points of margin expansion over the three years instead of 200 basis points that you were looking for, I can’t do anything for you. What I care about is steady margin expansion, and that’s what Ralph Lauren told us we’ll get. Investors look for steady margin expansion… And two, that it’s got a moat. This one’s got a moat, and that’s something you’ve gotta think about. The rest of the longer-term guidance looks fine to me…
I’m more interested in is how Ralph Lauren believes they can hit these great numbers. Management continues to emphasize three strategic growth drivers… Putting it all together, I came away from yesterday’s investor event feeling pretty darn impressed by what Ralph Lauren’s doing. Impressed enough that I’m willing to keep recommending this stock. I like the new three-year financial targets. The numbers weren’t stunning, but they’re good enough and they’re able to be, they’re attainable. Plus, even though the stock’s had a huge run, it doesn’t feel too expensive, selling worth just over 20 times this year’s earnings estimate.
Keep in mind, any aggregate in the S&P 500 trades at almost 25 times earnings. So even though Ralph Lauren is expected to put up nearly 20% earnings growth this year, the stock still trades at a sizable discount to the broader market. Earnings growth for the S&P is just 9%. Ralph Lauren should be trading at a premium.
Bottom line: If doing the work, if you’re checking into the company’s new targets, I’m still bullish on RL. Nothing’s changed for me. I bet the stock can keep working its way higher from here. I have said it before, and I will say it again, RL is leaving the competition behind and will continue to do so.”
Ralph Lauren Corporation (NYSE:RL) designs and sells apparel, footwear, accessories, home products, and fragrances across multiple luxury and lifestyle brands.
4. Workday, Inc. (NASDAQ:WDAY)
Number of Hedge Fund Holders: 76
Workday, Inc. (NASDAQ:WDAY) is one of the stocks Jim Cramer recently shared his thoughts on. Cramer discussed the company in light of Elliott Management buying a huge stake in the company. He stated:
“Look at this incredible run in the stock of Workday, the enterprise software powerhouse that helps businesses with human resources and financial planning. Like so many other enterprise software plays, Workday’s had a tough year, but today turned out to be a very good day for the stock, up more than 7% in response to the company’s annual Workday Rising customer event in San Francisco this week, but also their financial analyst day. By the way, we also got some big AI announcements and acquisitions, bunch of number, of new partnerships. Really, some fantastic things. And we found out about all of these at the analyst day that was done alongside their conference. Then, after the close yesterday, we learned that the genius activist investors at Elliott Management had taken up a big $2 billion-plus stake in the company. Unusually, Elliot simply announced a stake and gave a public vote of confidence in Workday’s management. I like that.”
Workday, Inc. (NASDAQ:WDAY) delivers cloud-based enterprise applications for finance, HR, planning, analytics, and supply chain, helping organizations streamline operations and gain real-time insights.
3. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 121
Salesforce, Inc. (NYSE:CRM) is one of the stocks Jim Cramer recently shared his thoughts on. A caller asked Cramer for his thoughts on the stock after taking a large position, and noted the stock’s underperformance year-to-date. Cramer commented:
“At 21 times next year’s earnings, I’m beginning to think that, that I’m not going to pull the trigger on more because… the trust has a very small position. I’m beginning to think that the buy case is just much better than the sell case, down 27%. They’ve got a terrific business. They’re everywhere. I think Salesforce is okay to buy if you don’t own any. I’ll pound the table if it goes even lower.”
Salesforce, Inc. (NYSE:CRM) provides CRM technology and cloud-based solutions that integrate sales, marketing, commerce, service, analytics, and AI-driven tools. In an August episode, when a caller sought Cramer’s advice on the stock, he responded:
“Okay, Salesforce, great question. I’ve owned the stock for, I don’t know, more than a decade. Here’s the problem… It’s enterprise software, and right now, the long knives are out for enterprise software. I need to see the quarter before I tell you… We own a small position for a Charitable Trust. We used to have a very big position. I’m nervous about exactly what I just laid out, which is this enterprise software of which Salesforce is very much involved in, even its ‘agentics,’ which is marvelous, is part of the software cohort.”
2. GE Vernova Inc. (NYSE:GEV)
Number of Hedge Fund Holders: 106
GE Vernova Inc. (NYSE:GEV) is one of the stocks Jim Cramer recently shared his thoughts on. A caller asked Cramer for his long-term outlook on the stock and mentioned their recent investment at a $585 cost basis, highlighting global capital inflows into the U.S. along with the current administration’s stance on wind energy. In response, Cramer said:
“Okay, I don’t want you to worry about wind. They’ve got a lot of, you know there, there’s a lot of things involved with wind, including maintenance that makes it so I’m not that worried. And it’s a very inexpensive way to, to power, you don’t necessarily need the government. I know it’s a negative, and the stock got hit very badly when the president came out against wind. But I come back and I say, wait a second, this is natural gas. It’s a natural gas story, and every time it is down, I say [buy, buy, buy]. So that’s what the plan is.”
GE Vernova Inc. (NYSE:GEV) delivers energy solutions across power generation, wind, and electrification. Its solutions include turbines, grid technologies, storage systems, and software to manage electricity flow.
1. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 94
Micron Technology, Inc. (NASDAQ:MU) is one of the stocks Jim Cramer recently shared his thoughts on. A caller asked Cramer whether the stock remains a buy ahead of its upcoming earnings, given its upgraded guidance in August and recent strong performance driven by improved revenue and margin expectations. He replied:
“Okay, here’s the problem, Sanjay Mehrotra is the CEO is fabulous. He’s fabulous. That’s one of the reasons why the stock went up so much. But he is also prudent and he’s conservative. He may not say the words that Wall Street wants after this big run. I think you wait and see at this point. And remember again, I have said to you that I like Sanjay Mehrotra, but a stock up 80% year to date, I think that he will be prudent.”
Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage solutions, including DRAM and flash products under the Micron and Crucial brands. The company’s technologies serve data centers, mobile devices, PCs, automotive, industrial, and consumer markets.
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