Jim Cramer holds Nvidia (NVDA) - Get NVIDIA Corporation Report  in his charitable trust and aims to buy more, but wants the stock to fall $4 or so to about $244 first.

Cramer reduced the trust's NVDA position some months ago, but said in an exclusive monthly conference call with members of his Action Alerts PLUS club for investors that "we want it to come down now ... so we can return to our larger size. [But] it's got to go lower than $244." 

NVDA has been on a tear over the past 12 months, rising some 96% in part because investors see the stock as a play on cryptocurrency. Some so-called crypto "miners" use Nvidia chips to power their systems, but crypto's volatility over the past few months has partly cooled investors' infatuation with NVDA. The stock was up 0.7% to $247.71 Thursday, but has lost some 5% since peaking at $260.13 on May 10.

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"Nvidia had the strong quarter we were looking for, but also had the attendant weakness from cryptocurrency stocks getting hammered [recently]," Cramer said.

But the stockpicker added that it's important to remember that crypto only represents a small part of Nvidia's total business. "Expectations have come down for division that will be no more than a feather in [Nvidia's] cap," Cramer said. "You know we're going to be buying some [additional NVDA stock] if it comes down. [And] if you have a long-term horizon, buy a little here."

Cramer and his AAP team have a $275 price target on Nvidia and rate the stock as a "Two," meaning that Cramer's trust will consider buying the stock on any significant pullback.

For more from Cramer's latest conference call with Action Alerts PLUS members, click here. Or click here for a free 14-day trial membership to AAP, where you can hear all of Jim's latest call, get e-mails before he makes any trade, and receive access to lots of other exclusive material.

(This article has been updated to reflect Nvidia's Thursday closing price.)

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, which Cramer co-manages as a charitable trust, is long NVDA.