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[video] Jim Cramer Quick Take: Facebook Is for Real

NEW YORK (TheStreet) -- Despite its botched initial public offering, Facebook (FB) finally seems to have found its groove. TheStreet's Jim Cramer tells Debra Borchardt what he's doing with his Action Alerts PLUS portfolio winner.

Cramer said that many people disagreed with buying Facebook when he was a big advocate of the company. His cost basis is in the $20s.

Now with the big move above $40 per share, he said it's time to trim the position and reduce risk -- but not sell all of it.

When Facebook first went public, hardly any revenue was from mobile advertising. Now, roughly 40% of revenue is from mobile, a dramatic shift.

Because of that, Cramer said the company has a ton of upside potential for future growth. Thus, he wants to stay long the stock.

Although the company might have seemed like a "fly-by-night" type at first, it very much has its focus on the future and Cramer added that it reminded him a bit of Google (GOOG) when it first went public.

He concluded that with the stock stuck at this level, he wants to take some gains to reduce exposure, but wants to stay long for future moves higher.

-- Written by Bret Kenwell in Petoskey, Mich.

Stock quotes in this article: FB, GOOG 
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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