CNBC’s Jim Cramer said Tuesday that Walmart shares should not be lower — characterizing the move as a Wall Street problem and not an indication of anything wrong with the retail giant’s quarterly results.

Shares of Walmart opened down more than 1% and slid further on the notion that the company didn’t raise prices enough in the third-quarter, resulting in disappointing gross margins.

Cramer rejected that premise on “Squawk Box” and “Squawk on the Street,” as well as in his morning Investing Club newsletter, saying Walmart is an “inflation fighter” and a “share taker.”

He praised the retailer for trying to largely absorb increased costs due to product shortages and delays and not passing them onto consumers.

“Walmart is keeping prices down aggressively and therefore their gross margins are down. But they are taking share from everybody,” Cramer said. “This is the moment to take share during the inflationary period.” He added, “I like share versus them cutting price and worrying about gross margin.”

Tuesday’s decline pushed Walmart stock slightly lower year to date.

Walmart won back price-conscious grocery shoppers in the quarter as it used its size to help manage through snarled supply chains. The company on Tuesday reported an adjusted third-quarter per-share earnings and revenue that beat expectations. It also boosted full-year earnings guidance.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.