CNBC’s Jim Cramer stood behind hail giants Grab in Southeast Asia on Monday despite advising investors to wait for price levels lower as Wall Street’s appetite for SPAC deals wears off.
“I don’t like the price right now, but if you’re waiting for a weakness and there is likely to be one, you have my permission to buy something.”Bad money“Host said.
Cramer said the stock would be more attractive below $ 11.50, down about 20%.
“The Grab thing … it’s a great company, but it went completely out of style with the Wall Street fashion show,” he added. “It’s a fast-growing digital game at a time when money managers want chimney stocks.”
Smokestack refers to companies in more cyclical market sectors such as energy and industry.
Grab will be listed on the Nasdaq with the ticker GRAB when the deal with Altimeter, a special-purpose acquisition company, is closed. The stock, currently trading under the symbol AGC, last traded at $ 14.01 on Monday, 4.4% up on Friday.
Altimeter Growth is led by venture capitalist Brad Gerstner, who was also behind Snowflake and Roblox. Cramer emphasized that the company had agreed to a three-year block on its shares.
Grab reported adjusted net sales of $ 1.6 billion in 2020, outperforming its pre-pandemic performance. The company predicts annualized growth of 42% through 2023, according to a filing.