One of these red-hot stocks is uncertain, while the other is a failure, according to Jim Cramer.

• On Thursday, CNBC's Jim Cramer explained why Alto Ingredients is a risky investment, while Gladstone Land is a complete miss.
• The "Mad Money" host granted permission to attack Alto Ingredients for speculation but cautioned against targeting Gladstone Land as it is getting too close.

On Thursday, CNBC's Jim Cramer explained why is a risky investment, while is a complete failure.

The "Mad Money" host granted permission to attack Alto Ingredients for speculation but cautioned against targeting Gladstone Land as it is getting too close.

On Thursday, Alto Ingredients' stock price dropped by 0.15% to $6.82, reaching a new 52-week high of $7.27 earlier in the day. Ethanol, a specialty alcohol and crop-derived ingredient produced by the company, has been driving its recent rally, according to Cramer. He added that ethanol is now more competitive due to high oil prices.

Cramer stated that while he is cautious about investments that have increased more than 40% in a year, Alto is a $500 million enterprise with minimal analyst coverage. He added that this could be an excellent opportunity for speculation in the right market conditions.

He advised that this doesn't imply he recommends investors to buy the stock heavily.

Ultimately, it's speculation. If you believe oil prices will remain high, then I think Alto Ingredients could be a good investment, but I suggest buying it in small increments and only with money you can afford to lose.

Cramer stated that Gladstone, a farmland real estate company, has a stock price that is too high to be bought. On Thursday, the company's stock price dropped by 2.72% to $36.42.

Cramer stated that he believes the business is excellent in the long run and would be a buyer, but he doesn't think the right price is the current one.

I cannot accept purchasing Gladstone in this location. Occasionally, one must confess that they have made a mistake.

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