The 'Mad Money' host sifted through the Russell 3000 to find stocks down more than 50% from their highs that sell for less than 50 times earnings.
Cramer said to stay away from most of those stocks right now, including UWM Holdings, Penn National and Novavax.
Financial technology player Upstart, on the other hand, may have gotten ahead of itself last year, Cramer said. "I don't know if it's cheap [at] 43 times earnings, but they're real ... so we're going to stick with that," he said.A pedestrian walks by a Bed Bath and Beyond store on November 04, 2021 in Larkspur, California.There are 89 companies that meet Cramer's criteria of being down more than 50% from the highs and trading at less than 50 times earnings.
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