In this article, we discuss the 5 stocks that Jim Cramer recommends selling in August. If you want to read about some more stocks that Jim Cramer recommends selling, go directly to Jim Cramer Recommends Selling These 10 Stocks in August.
5. Lithium Americas Corp. (NYSE:LAC)
Number of Hedge Fund Holders: 19
Lithium Americas Corp. (NYSE:LAC) operates as a resource firm. Cramer gave the stock a Sell recommendation during the Lighting Round of his show on August 10. In response to a viewer question about his views on the stock, Cramer stressed that he could not just recommend stocks that had been “perpetual money losers”.
On July 22, investment advisory Canaccord maintained a Speculative Buy rating on Lithium Americas Corp. (NYSE:LAC) stock and lowered the price target to C$49 from C$50. Analyst Katie Lachapelle issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, Singapore-based investment firm Himension Capital is a leading shareholder in Lithium Americas Corp. (NYSE:LAC), with 2.4 million shares worth more than $95 million.
4. Trinseo PLC (NYSE:TSE)
Number of Hedge Fund Holders: 15
Trinseo PLC (NYSE:TSE) makes and sells plastic and latex products. During the Lighting Round of his show on August 10, Cramer gave the stock a Sell recommendation. Cramer noted that analysts had made some very disturbing comments about the stock recently and it was trading at five times earnings, which usually means that the stock “is going to get caught”. He added that he was going to have to say a “no” to that one.
On August 11, Deutsche Bank analyst David Begleiter downgraded Trinseo PLC (NYSE:TSE) stock to Hold from Buy and lowered the price target to $34 from $42, noting that the firm had begun to see slowing demand for products.
At the end of the first quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $28 million in Trinseo PLC (NYSE:TSE), compared to 10 in the preceding quarter worth $6 million.
3. Veritone, Inc. (NASDAQ:VERI)
Number of Hedge Fund Holders: 9
Veritone, Inc. (NASDAQ:VERI) provides artificial intelligence computing solutions. During the Lighting Round of his show on August 15, Cramer highlighted his bearish sentiment towards the computing firm while answering a viewer question. The journalist investor claimed that the stock was “losing money like water” and he was “against that”. He added he was going to have to say a “no” to buying the stock.
On July 13, investment advisory Bank of America downgraded Veritone, Inc. (NASDAQ:VERI) stock to Neutral from Buy and lowered the price target to $10 from $14. Analyst Koji Ikeda issued the ratings update.
At the end of the first quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $24 million in Veritone, Inc. (NASDAQ:VERI), compared to 12 in the preceding quarter worth $36 million.
2. Companhia Siderúrgica Nacional (NYSE:SID)
Number of Hedge Fund Holders: 9
Companhia Siderúrgica Nacional (NYSE:SID) is an integrated steel producer. Cramer gave the stock a Sell recommendation during the Lighting Round of his show on August 9. In response to a viewer question about the company, Cramer noted that “people do not want to own steel companies at this point in the cycle”. He also added that if some people did want to own steel companies, they would rather buy shares of quality steel stocks like Nucor.
On May 10, Companhia Siderúrgica Nacional (NYSE:SID) declared an interim dividend of $0.136 per share. The stock has slid close to 60% so far this year amid falling steel prices and demand across the world.
At the end of the first quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $42 million in Companhia Siderúrgica Nacional (NYSE:SID), compared to 7 in the preceding quarter worth $21 million.
1. Getty Images Holdings, Inc. (NYSE:GETY)
Number of Hedge Fund Holders: N/A
Getty Images Holdings, Inc. (NYSE:GETY) operates as a visual content creator. During his show on August 15, the journalist investor warned people against investing in the visual content firm until they saw a decline in the share price. Cramer noted that “you have to stay away from any post-SPAC stock that explodes higher right after its merger” and that “the history of these things is real ugly”. Cramer said the rise in the shares was investors trying to initiate a short squeeze and he would stay away from the shares until they cooled off.
On August 11, Benchmark analyst Mark Zgutowicz downgraded Getty Images Holdings, Inc. (NYSE:GETY) stock to Hold from Buy without a price target, noting that the long-term view on the stock was bullish despite near-term headwinds.
Getty Images Holdings, Inc. (NYSE:GETY) posted earnings for the second quarter of 2022 on August 10, reporting a revenue of more than $233 million, missing analyst expectations by close to $10 million. The firm said it expected year-on-year growth in revenue of up to 6.7% in 2022.
You can also take a peek at 10 Best Medical Stocks Under $10 and 15 Best Warren Buffett Stocks to Buy Now.
