On CNBC’s “Mad Money Lightning Round,” Jim Cramer recommended buying auto retailer Carvana Co. (NYSE:CVNA) on the heels of its “good” quarter.
On July 29, Tempe, Arizona-based Carvana reported second-quarter revenue of $7.38 billion. It beat analyst estimates of $6.91 billion, according to Benzinga Pro. The company reported second-quarter earnings of 42 cents per share, beating estimates of 36 cents per share.
Cramer said although Forgent Power Solutions, Inc. (NYSE:FPS) is not cheap, it is right versus the others that are in the group.
Baird analyst Luke Junk, on July 16, initiated coverage on Forgent Power Solutions with an Outperform rating and announced a price target of $55.
Summit Therapeutics Inc. (NASDAQ:SMMT) is a “great spec,” Cramer said.
Summit Therapeutics, on July 23, reported a narrower-than-expected second-quarter loss and disclosed it does not have sufficient working capital to fund planned operations for the next twelve months.
Cramer said he needs to know more about NVE Corporation (NASDAQ:NVEC) because the stock just moved up so much.
On the earnings front, NVE reported a year-over-year increase in first-quarter financial results on July 22.
Cramer said he is not a seller of Reddit, Inc. (NYSE:RDDT) here. “I was surprised that the stock got hit as bad as it did. It should not have done so,” he added.
Reddit, on July 30, reported quarterly earnings of $1.25 per share, which beat the consensus estimate of 95 cents, according to Benzinga Pro data.
Price Action
- Forgent Power shares jumped 9.1% to settle at $36.29 on Monday.
- NVE shares surged 5.7% to close at $122.92 during the session.
- Summit Therapeutics shares gained 0.2% to settle at $13.05 on Monday.
- Carvana shares rose 6.1% to close at $66.13.
- Reddit shares jumped 10% to settle at $154.71 on Monday.
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