Groupon (GRPN) - Get Report  shares are on sale Wednesday, down 30% to a new 52-week low. 

Is it time to buy, buy buy? No, no, no, said TheStreet's Jim Cramer. "It's still too early," said Cramer, co-manager of the Action Alerts PLUS portfolio, during CNBC's "Mad Dash" segment. 

The stock is now down 66% on the year, and its weak earnings report and below-consenus guidance for next quarter are only deepening the rout, Cramer warned. 

The company refuses to acknowledge that anything is wrong, he added, and management believes it has underinvested for the current environment. 


Groupon GRPN data by YCharts

Image placeholder title

While the stock may look attractive at its current price of below $3, now is not the time to buy. The company is bringing in a new CEO, Cramer pointed out. Customers appear to like the platform so Groupon should continue to make investments going forward. 

Cramer's conclusion? Investors should wait for more clarity before taking a position in the stock.

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