Investors who bought Walt Disney Co (NYSE:DIS) stock at any point over the last year became victims of the mousetrap. Odyssey Capital's Jason Snipe was one of the investors who got caught chasing the cheese.
"I bought it, admittedly ... at $175, somewhere in that neighborhood, and it's been a loss," Snipe said Thursday on CNBC's "Fast Money Halftime Report."
Snipe's Thesis: With shares continuing to underperform the broader market, Snipe decided to cut his Disney position completely in search of better opportunities.
He acknowledged the company's most recent earnings report was solid.
"But my concern around Disney is going forward, I think there's some margin headwinds here," Snipe said. "There's some spending that they're going to be doing on Disney+ and guess what, the subs were great last quarter but this is a fragmented industry, very difficult to grow there."
He sees better opportunities in the market and plans to put the capital to work elsewhere.
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DIS Price Action: Disney shares have traded as low as $128.38 and as high as $192.33 over a 52-week period.
The stock was up 0.55% at $138.39 at time of publication.
