Jim Cramer knows Wall Street. And as much as he's a fan of Fitbit (FIT) - Get Report technology, Cramer, founder of the TheStreet, believes the the fitness gadget-maker's co-founder and CEO James Park does not understand Wall Street.

The San Francisco-based health company's shares took an over 15% dive on Thursday from a Wednesday close of $17.10 to trade around $14.50 following the announcement of its 1Q16 results on Wednesday evening.

"I've interviewed [Park] many times," said Cramer, and as much as customers love Fitbit and the numbers are great, the company "has no clue how to play Wall Street."

The company kept its yearly forecast, but if it hadn't given a quarterly forecast, its stock would be trading higher, Cramer said. The company has a "crystal clear balance sheet," but it needs to not give quarterly forecasts as that is why "its stock got beat up," he explained.

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Fitbit reported revenue of $505.4 million GAAP diluted net income per share of $0.05, non-GAAP diluted net income per share of $0.10, and adjusted Ebitda of $45.1 million, for its first quarter of 2016. The company also sold 4.8 million devices.

Fitbit forecasts a revenue in the range of $565 million to $585 million, an Ebitda in the range of $37 million to $47 million, and non-GAAP diluted net income per share in the range of $0.08 to $0.11 for the second quarter of 2016.

While Cramer is down on Fitbit and their approach to Wall Street, he is bullish on the health and wellness industry as a whole.

Cramer said Wednesday that company's like Under Armour (UA) - Get Report , Hain Celestial (HAIN) - Get Report , and Whole Foods (WFM) should benefit from the uptick in concentration on healthy life styles by consumers. Fitbit projects growth, but its stock is down early 51% year-to-date.

Park said on Wednesday during the company's first quarter earnings call that "the best way to describe it, we're being consistent with how we projected and guided revenue in the past and that's taking a pretty conservative approach until we see data otherwise."

But he did say that "for the full year though, as we think about other new products, that will certainly drive a high percentage of our total revenue for the year and we would expect it to be pretty similar to last year when the full year is said and done."