Jim Cramer - RenRen (RENN) $RENN

Jim Cramer said on CNBC's Mad Money last night that he thinks RenRen (RENN) is to expensive. "The valuation, it's just too expensive. I said buy it for a flip and then you gotta go. I don't see any value in these Chinese stocks, they are too expensive."

RenRen IPO'd last week at $19.50 and has since dropped back to $16. With all due respect, the market decides what is expensive or not expensive. I'm sure Jim Cramer told everyone Youku.com (YOKU) was exspensive at $40 but that didn't stop Wall St. from driving up the price to $70.

Jim Cramer - Sell RENN - May 2011
Stock Price - $16