Cramer: You want to buy this video game stock, not sell

Wall Street has it wrong on Take-Two Interactive, CNBC's Jim Cramer said Wednesday.

On Tuesday, the video game maker behind the blockbuster "Grand Theft Auto" franchise posted a decline in revenue last quarter, but still beat estimates from Wall Street on the top and bottom lines.

The stock has seen a 25 percent rise in the past year, but shares dipped 3 percent in Wednesday's opening trades off lower-projected profits for the rest of 2014. Cramer said that presents a buying opportunity.

"You want to buy Take-Two, not sell it," Cramer said on "Squawk on the Street."

Read MoreTake-Two revenue drops but beats Street

Cramer advised investors not to bet against Take-Two CEO Strauss Zelnick. The company told CNBC in October 2013 that the video game developer and publisher expects to have $2 billion to $2.5 billion in total revenue just from the latest iteration of "Grand Theft Auto" alone, which was released in September 2013.

"It's been a real bad bet and it will be a bad bet today," Cramer said of wagering against Zelnick. "So those who think Take-Two is past its prime because of GTA—forget about it. They are rolling out franchise after franchise after franchise."

Take-Two also owns the developers of the "NBA 2K" and "BioShock" franchises.

"The 'Bureau of Misinformation' is active again this morning, saying that Take-Two has missed," Cramer said. "I've gone over that quarter nine ways to Sunday. It's hardly missed."

—By CNBC's Jeff Morganteen. Reuters contributed to this report.

Disclosure: Cramer's charitable trust does not have a position in Take-Two.