Mobileye (MBLY) , a collision avoidance technology maker for vehicles, posted third-quarter results that beat Wall Street's expectations. The company's results prompted praise from Jim Cramer, co-manager of the Action Alerts PLUS portfolio, but was he wowed?

"I think Mobileye is fine, but not great because you've got to have a big blowout," said Cramer on CNBC's "Mad Dash" segment. And that big blowout is needed, given the company's high multiple and expectations of high growth.

Digging deeper on Mobileye's third-quarter results, Cramer said, "I will be tarred and feathered for saying they should have done even better, but with these high-multiple stocks you know what has to happen -- they have to take your breath away with their numbers. Mobileye had a good quarter, but it didn't take your breath away with their numbers."

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MBLY data by YCharts

During the quarter, Mobileye posted an adjusted profit of 15 cents a share on revenue of $70.7 million. That beat Wall Street's estimates on both earnings and revenue.

"The institutional investor says it's not good enough, the individual investor says it doesn't matter," Cramer said, noting retail investors are focused on the company's collision avoidance technology and how those products are installed into new cars by the manufacturers.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.