It’s always the quiet ones, isn’t it? Divisadero Street Capital Management, a name that sounds suspiciously like a forgotten San Francisco neighborhood, recently dumped its entire position in Stride, Inc. (LRN). Just…gone. Poof. Like that chipped ceramic gnome my aunt Mildred insisted on displaying, then ‘misplaced’ during a spring cleaning. They held 375,000 shares, a cool $55.9 million worth, and then, nothing. I checked my own portfolio, mostly to reassure myself I hadn’t accidentally bought any, and it was a surprisingly calming experience. A little emptiness can be good for the soul, or at least, the nerves.
The filing appeared on February 13th, which, naturally, I immediately associated with bad luck. It’s irrational, I know, but try telling that to my amygdala. Apparently, Divisadero owned about 2.4% of the firm’s assets in Stride. That’s a significant chunk of gnome-sized investments. As of December 31st, though, the position was…well, let’s just say it had taken a long walk off a short pier.
It’s not just Divisadero, of course. Stride’s stock has been…underperforming. Down 39.1% over the past year. I attempted to explain this to my elderly neighbor, Mr. Henderson, who still thinks stocks are certificates you clip and redeem for goods. He nodded politely, then asked if Stride made rocking chairs. It’s a humbling profession, this financial journalism.
Divisadero, meanwhile, seems to be rearranging the furniture in its portfolio. They’ve been piling into SGHC, INDV, AS, CVNA, and SN – a collection of acronyms that sound like a secret code for ordering takeout. I suspect it’s more complicated than that, but honestly, my brain is starting to ache.
Here’s a quick snapshot, because numbers are comforting, even when they’re depressing:
| Metric | Value |
|---|---|
| Price (as of Feb 13, 2026) | $84.89 |
| Market capitalization | $3.6 billion |
| Revenue (TTM) | $2.5 billion |
| Net income (TTM) | $318 million |
Stride, for those unfamiliar, is in the education business. They provide online curriculum, software, and support for K-12 and adult learners. Essentially, they’re trying to digitize learning. Which, let’s be honest, is a Herculean task. I once tried to help my niece with her online math homework. It ended with both of us crying and me questioning my entire life.
They generate revenue from schools, districts, and direct-to-consumer channels. A solid business model, in theory. But apparently, they had a “platform issue” in the fourth quarter. A “platform issue.” It’s the corporate equivalent of saying, “Oops, we accidentally deleted all the data.” The stock wobbled, predictably. Demand, they claim, remains “robust.” I suspect they’re hoping everyone forgets about the “issue” before the next earnings call.
Divisadero, having initiated a position in Stride last quarter, decided to cut their losses. A perfectly reasonable decision, really. Sometimes, you just have to admit you bought a lemon. Or, in this case, a slightly glitchy educational platform. They’re reaffirming revenue guidance, which is good, but it feels a bit like applying a Band-Aid to a broken leg. Still, a Band-Aid is better than nothing, I suppose. Especially if it has cartoon characters on it.
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2026-03-06 17:03