NEW YORK (TheStreet) -- With shares of Herbalife (HLF) up more than 95% from the start of the year, should investors pile on or stay away?

TheStreet's Jim Cramer told Debra Borchardt that hedge fund titan Bill Ackman saw one of the least desirable headlines on Wednesday: George Soros was taking a large long position in Herbalife.

Ackman, who has been highly publicized as being short the stock, was already battling another hedge fund manager who is long the stock, Carl Icahn.

Adding salt to the wound: The strong earnings report the company delivered this week, causing a "pile-on" effect, with seemingly everyone pressing Ackman to cover, Cramer said.

Cramer added that retail investors should just avoid the name because right now it's a battleground of large hedge funds.

He added that Ackman needs to fire back soon, especially with the recent blows to his long positions in J.C. Penney ( JCP) and Procter & Gamble ( PG).

While Cramer said that he would side with Icahn over Ackman, he also pointed out that shares of Herbalife seem undervalued and that with an earnings multiple of 15, the stock would be trading for $75.

If investors do want to initiate a long position in the stock, he said to do it based on fundamentals -- not because of the fund managers -- and after a pullback.

-- Written by Bret Kenwell in Petoskey, Mich.

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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