A Fantastic Buying Opportunity?

It's time to talk about a broken initial public offering that has come back down to earth in this lousy market, Cramer said Thursday, giving you a "fantastic buying opportunity."

Booz Allen Hamilton is the consultant that helps the U.S. government do more with less money. Cramer did not like the stock when it IPO'd last November and shot up from $17 to $20 a share. Lately, though, the stock fell to around $17.55, largely because the 180-day post IPO lockup period expired last month, creating tremendous selling pressure.

Last week, Booz Allen reported a strong quarter. Cramer listened to the conference call and after doing additional homework, thinks the company's underlying story is about to get much better. At a time when the federal government is broke, most companies are losing business. But Booz Allen's management consulting services helps save the government cut costs.

Meanwhile, its technology consulting services are also in demand, especially in light of recent cyber security threats. (Read More: Cramer Reveals His Top Cyber Security Plays)

Booz Allen currently gets 98 percent of its revenues from the federal government. It can go commercial on July 31, though, because that's when its commercial and international non-compete clause expires.

"This is going to be a huge deal, something that opens up vast new markets for Booz Allen," Cramer said. "This is honestly one of the greatest game changers I have ever seen a public company have ahead of it."

Cramer likes Booz Allen because it's also improving its balance sheet. The company currently has $900 million in debt, but also has $100 in cash. Last year, it generated more than $200 million in free-cash flow. So long as it continues to pay off its debt, Booz Allen will soon be able to boost future earnings growth. Not too long after that, they could start buying back stock, or pay a dividend.

Finally, Cramer said this stock is simply "dirt cheap." It sells for 10 times earnings even though it has a 19 percent long-term growth rate. He thinks it has a lot of potential to the upside and is a stock worth considering.

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