Lithium stocks like FMC Corp. are under pressure, but for CNBC's Jim Cramer, the agricultural chemical play is flashing screaming buy signals.
"I'm glad FMC's getting hit here because you're getting a chance to buy a red-hot stock into weakness, just in case you missed the incredible buying opportunity in March," when the stock was at a low after a 26 percent drop since January, the "Mad Money" host said.
With shares of FMC still down roughly 10 percent from their January highs, Cramer argued that they're not yet factoring in the company's better-than-anticipated
"It's one of the least expensive stocks in both the agriculture space, which is very popular, and the lithium space – OK, that's cooled a bit – but selling for just 13 times next year's earnings estimates," Cramer said. "That's, frankly, lunacy. I mean, it's got a 15 percent long-term growth rate. If you can buy it for 13.1 times earnings with a 15 percent growth rate, that's called a steal."