Jim Cramer: ‘Regional Banks Have Been A Fantastic Place To Be’

On CNBC’s “Mad Money Lightning Round,” Jim Cramer said he is going to “steer clear” of IonQ, Inc. (NYSE:IONQ).

When rates go higher, these stocks are very tough to own, he explained.

IonQ, on May 6, reported first-quarter revenue of $64.67 million, beating analyst estimates of $49.73 million. The quantum company posted a first-quarter adjusted loss of 34 cents per share, beating estimates for a loss of 35 cents per share, according to Benzinga Pro.

“It’s a very competitive market. I don’t want to be there,” Cramer said when asked about Figma, Inc. (NYSE:FIG).

On the earnings front, Figma said it will release its second-quarter financial results after the closing bell on Wednesday, Aug. 5.

When asked about SolarEdge Technologies, Inc. (NASDAQ:SEDG), he said, “The solar stocks are not doing that well right now, and unless you have some earnings to go on, with higher rates, it’s really tough to make some money in the solar situation right now.”

TD Cowen analyst Jeff Osborne, on Monday, maintained SolarEdge with a Buy and lowered the price target from $85 to $75.

“The regional banks have been a fantastic place to be,” Cramer said when asked about Independent Bank Corporation (NASDAQ:IBCP). He recommends taking a look at KeyCorp (NYSE:KEY).

Hovde Group analyst Brendan Nosal, on July 10, upgraded Independent Bank from Market Perform to Outperform and raised the price target from $36 to $41.

Price Action

• Figma shares fell 2.1% to settle at $21.47 on Wednesday.
• Solaredge shares dipped 4.8% to close at $47.88 during the session.
• IonQ shares fell 2.3% to settle at $34.68 on Wednesday.
• Independent Bank shares declined 1.3% to close at $36.01.

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