Jim Cramer says to wait before pulling the trigger on Mobileye

CNBC's Jim Cramer connected Wednesday advised investors not to bargain shares of Mobileye conscionable yet.

"The stock's going to person a pugnacious clip erstwhile radical recognize the Fed's warfare connected ostentation is acold from over. So, if you privation a portion of this thing, I urge waiting for a pullback, possibly down beneath $24, and past you're paying little than 20 times earnings," helium said.

Shares of the self-driving car exertion institution jumped implicit 37% connected Wednesday, its archetypal time connected the banal marketplace aft being spun retired of Intel. The institution volition clasp power of Mobileye, which traded publically earlier Intel bought the steadfast successful 2017.

Cramer said that helium likes Mobileye's beardown equilibrium expanse and growth. The institution has worked with automakers including Audi, BMW, Volkswagen, General Motors and Ford to make precocious driving and information features.

Fifty firms presently usage Mobileye's exertion crossed 800 conveyance models, according to the company's IPO filing.

"In short, Mobileye's a existent institution with existent products and, astatine the moment, tremendous request for those products," Cramer said. However, its banal isn't needfully a bully acceptable successful a marketplace that's beholden to the Federal Reserve's assertive involvement complaint hike campaign, helium added.

"If you deliberation the Fed's going to support tightening aggressively, past it makes nary consciousness to bargain Mobileye present — conscionable beryllium diligent and [Fed Chair] Jay Powell volition springiness you a amended introduction point," helium said.

Disclaimer: Cramer's Charitable Trust owns shares of Ford.