Lyft's stock may have bottomed near $37 per share after its August lockup expiration and a "decent" earnings report last Thursday, Cramer said on "Mad Money" Wednesday.
In contrast, Uber reported an "ugly" earnings report Monday, he said.
"All of a sudden these two stocks that have been trading together for months and months and months are now moving in opposite directions," Cramer said. "Lyft's hanging in there while Uber is breaking down."
Why It's Important
The recent earnings reports show a major contrast between the two companies.
Lyft continues to lose money, but management deserves credit for communicating "major strides to get costs under control," Cramer said.
Lyft's guidance of positive EBITDA by 2021 "sounds credible," he said.
At the same time, Uber looks to be "committed seemingly to losing money," especially with its Uber Eats business, Cramer said.
Uber has a "complicated" business model with different units, and if there is anything the Street dislikes, it's "complication," he said. Specifically, Uber is far from a pure-play on ride-hailing.
"Lyft could be worth another look," Cramer said. "There is no Lyft Eats."
Lyft's stock was already hard hit by its lockup expiration over the summer, Cramer said, adding that Uber's lockup expiration went live Wednesday with an impact that will be felt over time.
"It's still way too early to go bottom fishing in Uber," Cramer said. "The market's being flooded with supply here. It's going to clear up, but that's what's happening."
Uber shares were up 0.32% at $27.02 at the time of publication, while Lyft shares were down 0.17% at $42.84.
Photo courtesy of Lyft.