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A well-known television host decided to name one of his pets after a top-performing stock he was a fan of. Here’s a look at how the shares have performed since the dog took the name in 2017.
What Happened: CNBC host Jim Cramer decided to take his bullish stance on chip company NVIDIA Corporation NVDA one step further back in 2017.
On June 20, 2017, Cramer shared a picture of his dog “Everest,” who was given the second name “Nvidia.”
Cramer asked why dogs only have one name and said they should be given two names to make it more formal.
“He has a last name and his name is Nvidia,” Cramer said at the time. “I think every dog deserves a last name.”
Cramer is well-known for taking heat on his stock recommendations. Investors often mock Cramer’s trades and say that the opposite ends up happening, which has led to the creation of an inverse Jim Cramer ETF that could be launching soon.
Cramer recommended naming dogs after “a stock that’s been good to you.”
Here’s how good Nvidia has been for investors since Cramer’s dog was given the new name.
Mr. Everest Nvidia meet the world! pic.twitter.com/5GvTecuNyz
— Jim Cramer (@jimcramer) June 20, 2017
Related Link: Nvidia Q3 Earnings: Revenue Beat, EPS Miss, Q4 Guidance, Data Center Shines And More
Investing $1000 in NVDA: Investors who invested in Nvidia shares after Cramer’s announcement have been pleasantly rewarded.
A $1,000 investment in NVDA shares at the high price on June 20, 2017, could have bought 24.73 shares, based on a split-adjusted price of $40.44.
The $1,000 investment would be worth $3,929.84 today based on a price of $158.91 for Nvidia shares. This represents a return of 293.0% percent over a five-year and five-month period.
The investment would have returned 54.1% on an average annualized basis.
How does Cramer’s conviction play and pick based on his dog’s name compare to the overall market?
A $1,000 investment in the SPDR S&P 500 Global ETF Trust SPY, which tracks the S&P 500 index, would be up 60.1% over the same time period, for an average annualized gain of 11.1%.
In this case, it paid to listen to Cramer and invest in Nvidia after his dog got a new name.
Coincidentally, after years of being bullish on Nvidia, Cramer changed his tune and went short the stock in September 2022.
Read Next: ‘I Want You To Bet Against Me’: Jim Cramer Calls Out New Inverse ETF With His 42 Years Of Success
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Image and article originally from www.benzinga.com. Read the original article here.