Portfolio Manager’s Bold Bet on Workiva

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On November 7, 2025, Readystate Asset Management LP performed the financial equivalent of juggling chainsaws while riding a unicycle through a minefield – acquiring 371,224 shares of Workiva (WK +0.18%) valued at $31.95 million. This wasn’t just a transaction; it was a declaration that sometimes the best place for $32 million is in the same basket as a company hemorrhaging red ink. [Wry smile emoji]

The Grand Entrance

The Chicago-based alchemists at Readystate recently filed Form 13F with the SEC, revealing their new position in Workiva. This constitutes 2.43% of their U.S. equity holdings – a figure that sounds more impressive until you realize they hold 301 other securities. Like a gambler spreading chips across a rigged roulette table, they’ve bet 1.36% of their $2.35 billion AUM on a software outfit whose stock has been playing dead man’s float against the S&P 500.

The Numbers Game

  • Workiva now occupies prime real estate in Readystate’s portfolio, despite its price tag of $86.93 per share – a figure that’s managed to decline 0.8% over twelve months while the broader market laughed all the way to the bank.
  • The company’s financials read like a cautionary tale from a Soviet-era planning committee: $845.52 million in revenue offset by $46.80 million in net losses. It’s the corporate equivalent of selling ice to eskimos while wearing a fur coat.

The Product, Demystified

Metric Value
Revenue (TTM) $845.52 million
Net Income (TTM) ($46.80 million)
Price (as of market close 2025-11-06) $86.93
One-Year Price Change (0.80%)

The Illusion of Progress

Workiva Inc. sells itself as a digital panacea for corporate bureaucracy, connecting ERP systems like some modern-day Prometheus stealing fire from the gods of paperwork. Their “scalable SaaS solution” promises to transform compliance nightmares into… slightly less expensive compliance nightmares. With 2,900 employees spread across Ames, Iowa, they’ve mastered the art of appearing busy while their stock drifts sideways like a rudderless ship.

  • They peddle cloud-based tools that integrate with every acronym in the corporate jungle – ERP, GRC, HCM, CRM. It’s the digital equivalent of selling rope to a man already tied up.
  • Their client list reads like a who’s-who of organizations desperate to appear compliant: public companies, government agencies, and universities that still think fax machines are cutting-edge technology.

The Institutional Endorsement

Readystate’s move isn’t merely a transaction – it’s a philosophical stance. By acquiring this “10th-largest position,” they’ve joined the elite ranks of investors who believe Workiva’s path to profitability lies somewhere between creative accounting and sheer audacity. While the company’s margins resemble a Swiss cheese spreadsheet, Readystate sees… potential.

In the grand tradition of financial theater, this $32 million bet whispers a simple truth: institutional investors don’t need profits to justify purchases, only the promise that losses might someday become smaller. Workiva’s management team, currently navigating the tightrope between innovation and insolvency, must feel like circus performers with a new safety net made of Chicago money.

The moral of this story? When a multi-strategy firm with $2.3 billion in assets starts collecting shares like trading cards, retail investors should at least glance at the scoreboard. Sometimes the house knows exactly where the ball will land – or maybe they’re just better at playing the game. 🎩🚀

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2025-11-10 19:12