Why Jim Cramer Is Buying More Disney Shares Today

Jim Cramer announced plans to add to his Walt Disney Co DIS position Thursday afternoon during CNBC's "Investing Club Live Event."

Shortly after, he sent out a letter to members of the club reaffirming his intentions to purchase 75 shares of Disney.

"The shares were lower as we started the special and we wanted to take action," Cramer said.

Cramer thinks Disney is "overly hated" because of concerns surrounding management and the COVID-19 pandemic.

Disney's stock seems to be holding well at current levels, he said, adding he has been waiting for the stock to show some signs of support.

Cramer noted he didn't catch the exact bottom, but he feels confident pulling the trigger around the $153 level.

"Bottom line: When you have an iconic franchise like Disney and you can buy it 50 points below where it's been, we say you start buying some."

See Also: Here's How (And Why) Jon Najarian Is Playing Disney Stock

DIS Price Action: Disney has traded as high as $203.02 and as low as $142.04 over a 52-week period.

The stock was up 0.39% at $153.92 Thursday afternoon at publication.

Photo: LisaChe from Pixabay.