Stride Inc. (LRN) is a K-12 online education company, whose management has been misleading investors about the source of its soaring revenues: Federal Covid relief funds that made up an estimated ~ 25% of EBITDA. But those funds expired on Sept. 30, and a company that has been trading near peak everything — Peak EBITDA, Peak Multiple, Peak Stock Price – is facing a single, steep cliff.
Read More