On CNBC’s “Mad Money Lightning Round,” Jim Cramer said NioCorp Developments Ltd. (NASDAQ:NIOBW) is a "little too speculative” and added that he likes MP Materials (NYSE:MP) as it has the government’s backing.
Cramer recommended buying SoFi Technologies, Inc. (NASDAQ:SOFI). “We got back to $18 and I said, time to buy. It’s hanging around that level,” he added.
SoFi Technologies shares traded higher on Thursday as investors reacted to continued insider buying from CEO Anthony Noto, with the broader tape also leaning risk-on in tech.
Innodata Inc. (NASDAQ:INOD) is a “data engineering company, and this market likes data engineering, so I’m gonna say it’s fine,” Cramer said. “It’s a little too speculative for me.”
Cramer said he is not recommending buying Rivian Automotive, Inc. (NASDAQ:RIVN) as it is losing too much money.
Needham analyst Chris Pierce reiterated a Buy rating on Rivian Automotive on June 10 and maintained a $23 price target.
The Mad Money host said he can’t think of a reason to own Tractor Supply Company (NASDAQ:TSCO).
Cramer recommended selling SoundHound AI, Inc. (NASDAQ:SOUN), calling it a “meme stock.”
On the earnings front, SoundHound reported first-quarter revenue of $44.20 million on May 7, beating the consensus estimate of $42.56 million. The conversational AI company reported an adjusted loss of six cents per share for the quarter, missing estimates for a loss of four cents per share, according to Benzinga Pro.
Cramer said no to Boston Scientific Corporation (NYSE:BSX).
Price Action:
- SoFi shares gained 2.8% to settle at $17.91 on Thursday.
- Rivian Automotive shares gained 1.6% to close at $16.52.
- Tractor Supply shares rose 1.7% to close at $30.24 on Thursday.
- Innodata shares declined 6.9% to settle at $95.50.
- SoundHound shares gained 2.3% to close at $7.12 on Thursday.
- Boston Scientific shares gained 0.8% to settle at $45.29.
Photo via Shutterstock