SeaWorld's Financial Nosedive Continues; Stock Hits (Another) All-Time Low
SeaWorld's financial woes are still stacking up. In the span of just one week, the company's stock (SEAS) experienced its lowest closing price and its lowest point overall. On Monday, SEAS fell 2.3 percent to $17.92, marking its lowest closing price since the company went public in April 2013, when it was pricing shares at $27 each. Wednesday, the stock dropped again, this time to a low of $17.23, another record. The dip was visible on Wednesday:
SeaWorld's market CAP now sits at 1.57 billion - down from $3.26 billion on August 2013.
Wednesday's dip was in tandem with the rest of the stock market, which took major hits across the board amid anxiety over the slowing economy, lackluster corporate earnings and fears of the spreading Ebola virus.
"I love to see SeaWorld stock tank, but not with the rest of the market," Louie Psihoyos, Executive Director of the Oceanic Preservation Society, told The Dodo. "Hopefully their stock will lay at the bottom with other poor stock performers when the economy bounces back."
But SeaWorld's recent financial nosedive can't be entirely blamed on the the market slump. In August, the company's stock fell by nearly a third after it finally admitted that the documentary "Blackfish" and the controversy over its orca whale care had hurt attendance at its parks.
A graph of SEAS over the past three months shows the huge drop:
The disclosure has led to several class-action lawsuits against the company from investors who claim that they were misled because they not being privy to the information. Given the recent dip, it seems that if SeaWorld continues to conduct business as usual, soon enough it may not have much business to conduct.