In this article, we will take a detailed look at Jim Cramer's 10 New Stock Picks Before March 2024. For a quick overview of such stocks, read our article Jim Cramer's 5 New Stock Picks for March 2024.
Jim Cramer during his February 28 program on CNBC said that as we near the end of the earnings season he's been thinking about the effect of earnings reports on the markets and how these reports and their coverage in the news often cause average investors to make "snap" decisions what later turn out to be wrong decisions. Cramer said these reports have programmed us to think short term and ignore the long-term picture or "nuance." Cramer said that the "way we report on stocks" is "not working anymore."
Cramer gave examples of Home Depot and Lowe's, which recently reported their quarters. Cramer said these two companies are excellent businesses and their quarters were strong but because of the "beat and raise" structure of earnings news stories many investors immediately started selling these two stocks after reading news headlines without waiting for conference calls to understand the big picture and future guidance.
Cramer said Home Depot shares jumped after the company's earnings call because the management said it feels good about inventories since they were lower than the previous levels at the end of 2023. Cramer said that's what investors wanted to hear and that's why one should not make decisions based on news stories and instead wait for conference calls and details from companies' management.
For this article we watched several latest programs of Jim Cramer aired on CNBC during the last week of February and picked 10 stocks Cramer recommended investors to buy. For each stock we have also mentioned hedge fund sentiment. Instead of companies like Apple Inc (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA) and Microsoft Corp (NASDAQ:MSFT), which Cramer has been recommending for a long time, you will see some new names in the list of Cramer's stock picks.
Jim Cramer recently said in his Lightning Round program that his next Nvidia play stock would be Getty Images Holdings Inc (NYSE:GETY).
"I think Getty Images Holdings Inc (NYSE:GETY) is my next one because that's a mention by Nvidia."
Jim Cramer was talking about SoundHound AI and why he likes the stock because of the Nvidia factor.
During its earnings call in November 2023, Getty Images Holdings Inc (NYSE:GETY) management talked about its partnership with Nvidia:
"So with that as a backdrop, I’d like to highlight some of the progress we’ve made within the quarter. In partnership with NVIDIA, we launched our generative AI service at the end of the quarter. The service is truly unique and addresses fundamental customer needs. Our model is trained solely with Getty Images Holdings Inc (NYSE:GETY) best-in-class content, addressing the legal risk that is pervasive in many other models that are trained with third-party intellectual property scraped from the web. We also believe this equates to higher quality outputs as a cake is only as good as its ingredients. With generative AI by Getty Images, users can be confident that the content they generate is safe to use in commercial settings and will not include any trademark brands, products, characters, or identifiable people. It also does not produce deep takes or emulate the style of specific orders, which we believe is valued by our editorial and creative customers respectively. We are rewarding our contributors with an ongoing share of each and every dollar we earn from the service. Last but certainly not least, the service and all of its outputs come with Getty Images uncapped indemnification. In terms of the economics, customers pay to generate versus download, which better aligns to our costs and recognize the value of ideation. Initial customer feedback and engagement with the service has been really positive and we have already introduced new features to the service such as being able to prompt in over 70 languages. And we’re engaged with a limited set of customers to custom-train models to their IP and brand needs."
Read the full earnings call transcript here.
Number of Hedge Fund Investors: 13
Jim Cramer was recently asked about his thoughts on SoundHound AI Inc (NASDAQ:SOUN). Cramer is bullish on SoundHound AI Inc (NASDAQ:SOUN) because of the Nvidia factor. Cramer said "that's Nvidia play" while talking about SoundHound AI Inc (NASDAQ:SOUN).
SoundHound AI Inc (NASDAQ:SOUN) has gained about 204% year to date. The stock is roaring after Nvidia revealed a $3.7 million stake in the company while SoftBank bought 1.1 million shares of SoundHound AI Inc (NASDAQ:SOUN). SoundHound AI Inc (NASDAQ:SOUN) makes voice AI solutions for automotive, restaurants and hospitality industries.
As of the end of the fourth quarter of 2023, 13 hedge funds had stakes in SoundHound AI Inc (NASDAQ:SOUN).
Number of Hedge Fund Investors: 28
Public Storage (NYSE:PSA) ranks eighth in our list of the stocks Jim Cramer recommended in his Lightning Round program on CNBC this week. Cramer said Public Storage (NYSE:PSA) stock is down "on an opportunity." Cramer quoted Public Storage (NYSE:PSA) skeptics who say there is a lot of oversaturation in the market for self-storage companies. Cramer said in response to these naysayers:
"Give me a break. These guys are very smart operators. I want to buy the stock."
As of the end of the fourth quarter of 2023, 28 hedge funds out of the 933 funds in Insider Monkey's database had stakes in Public Storage (NYSE:PSA). The biggest stakeholder of the company during this period was Ken Griffin's Citadel Investment Group which owns a $221 million stake.
In addition to PSA, Cramer is also recommending Apple Inc (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA) and Microsoft Corp (NASDAQ:MSFT).
Baron Real Estate Fund stated the following regarding Public Storage (NYSE:PSA) in its fourth quarter 2023 investor letter:
“In the most recently reported quarter, business results for Public Storage (NYSE:PSA), a REIT that is the world’s largest owner, operator, and developer of self-storage facilities, were mildly disappointing as occupancy trends and rents moderated as a result of less housing-related movement and a more price-sensitive consumer. We decided to sell our position because we believe near-term rent and overall cash-flow growth may remain subdued. We are likely to revisit Public Storage in the future.”
Number of Hedge Fund Investors: 31
A caller recently asked Jim Cramer about DigitalBridge Group, Inc. (NYSE:DBRG), which he said was once a REIT but later transformed into a "profitable global alternative asset manager." Jim Cramer said he remembers DigitalBridge Group, Inc. (NYSE:DBRG) from its REIT days and wanted the company to do exactly what it's doing today. Jim Cramer said DigitalBridge Group, Inc. (NYSE:DBRG) is a "good stock" and praised the caller for making the right call on the stock.
As of the end of the fourth quarter of 2023, 31 hedge funds out of the 933 funds in Insider Monkey's database had stakes in DigitalBridge Group, Inc. (NYSE:DBRG). The most notable stake in the company is owned by Charles Akre's Akre Capital Management which owns a $77 million stake in the company.
Ave Maria Focused Fund made the following comment about DigitalBridge Group, Inc. (NYSE:DBRG) in its Q3 2023 investor letter:
“DigitalBridge Group, Inc. (NYSE:DBRG) started its life with particularly complicated financials as the two data center businesses it owned directly obfuscated the economics of its asset management business. However, DigitalBridge plans to divest enough of their ownership in these two businesses that they will no longer be required to consolidate them in their reported financials. Consequently, its reported financials will be much simpler to analyze and reflect the profile of a pure-play alternative asset manager. DigitalBridge differentiates itself by focusing exclusively on digital infrastructure, an asset class that institutional allocators are severely under allocated to. DigitalBridge is actively fundraising for its third flagship investment fund. With an expected 11-year fund life, this fund could generate fees for the company and its investors for a long time.
Number of Hedge Fund Investors: 44
Jim Cramer was recently asked about Cloudflare, Inc. (NYSE:NET) during his "Lightning Round" program on CNBC. Cramer said Cloudflare, Inc. (NYSE:NET) is one of his "absolute favorite stocks." Jim Cramer said that there's "such a fantastic narrative there."
"You must hold on to Cloudflare, Inc. (NYSE:NET)."
Jim Cramer also recommended investors to buy more Cloudflare, Inc. (NYSE:NET) if the stock takes a hit.
In addition to Cloudflare, Cramer is also bullish on Apple Inc (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA) and Microsoft Corp (NASDAQ:MSFT).
Baron Fifth Avenue Growth Fund stated the following regarding Cloudflare, Inc. (NYSE:NET) in its fourth quarter 2023 investor letter:
“Most of our portfolio companies have seen stabilization and modest improvements in short-term business fundamentals as the year progressed. More importantly in our view, many have been able to drive significant improvement in long-term Key Performance Indicators (KPIs) such as share gains, meaningful expansion of their total addressable market, and improvement in unit economics. These KPIs are significantly more important in driving the intrinsic values of our businesses, which we believe have increased noticeably during 2023. In the meantime, disruptive changes that we expect will benefit many of our businesses have also continued to pick up steam. Some examples include: • Another example is the leading cloud networking and cybersecurity solution provider, Cloudflare, Inc. (NYSE:NET), who described market share gains and customers consolidating from multiple point solutions to Cloudflare’s platform: “And so we’re the one vendor that is able to give people that vendor consolidation, that single pane of glass… that comes through in a lot of customer examples…. people want to buy the entire Cloudflare platform. They want to protect their entire business with that, and that’s driving more interest in both our network security, as well as our Zero Trust products.”
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Disclosure. None. Jim Cramer's 10 New Stock Picks for March 2024 was initially published on Insider Monkey.
