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Cramer warns Main Street investors not to listen to Wall Street on Apple stock

Main Street investors should be wary of listening to Wall Street analysts on trading Apple's stock, CNBC's Jim Cramer warned Wednesday.

Cramer said sometimes Apple gets a bad rap as the largest company in the world by market cap.

"They want you to trade it. They want you to be in and out and in and out. They think you're the world's greatest hedge fund," he said on "Squawk on the Street."

Cramer's comments came a day after the tech giant's stock took a dip after it reported fewer-than-expected iPhone sales in the last quarter.

U.S. equities opened lower Wednesday as Apple knocked the Nasdaq composite from a record high.

Apple CEO Tim Cook attributed the disappointing numbers to the "consequence of the number of rumors and reports about future products."

Some Wall Street analysts Wednesday reiterated their buy ratings on Apple but mentioned more controversies than expected, including the company's weak growth in China in the past quarter.

For more on Apple, watch CEO Tim Cook's interview on "Mad Money" on Wednesday at 6 p.m. EDT.

Disclosure: Jim Cramer's charitable trust owns shares of Apple.