SeaWorld Entertainment Inc (NYSE:SEAS) is no longer in the equity portfolio of billionaire investor Leon Cooperman’s Omega Advisors, sources told CNBC’s Scott Wapner. Omega Advisors had a $30.8 million stake in SeaWorld Entertainment Inc (NYSE:SEAS), which contained around 1.09 million shares held as of the end of June, according to the latest 13F filing.
Although shares of SeaWorld Entertainment Inc (NYSE:SEAS) appear to be unperturbed by the Omega Advisors’ move, the stock is down 36% this year and 45% over the past one year. The challenges for the stock have mainly been in its financial performance, which the management recently admitted as being hammered by poor attendance at their theme parks. As concerns the exit of Cooperman’s Omega Advisors from the troubled SeaWorld Entertainment Inc (NYSE:SEAS), Wapner warned investors to be careful about the information they read on 13F filings. He said his sources told him that Omega Advisors no longer has a position in SeaWorld.
“[...] Be careful what you read in the 13F. We just said Omega, Leon Cooperman’s hedge fund, had taken a position in SeaWorld. Well, I can tell you that according to my sources, Omega no longer owns SeaWorld. That they are completely out of that stock, according to my sources,” said Wapner.
However, he went on to say that people need to be careful what they read 13F filings. Wapner also pointed out that SeaWorld Entertainment Inc (NYSE:SEAS) has been a troubled stock, being all over the news this week thanks to its disappointing earnings.
“[...] There were at least four downgrades on Wall Street as a result of the earnings. It is that continued story about that Blackfish documentary, which seems to be having a lasting impact on attendance, which clearly has been hurting SeaWorld,” he observed.