Professional
Added to YB: 2025-05-02
Pitch date: 2025-04-30
YOU [bearish]
Clear Secure, Inc.
-131.86%
current return
Author Info
Spruce Point Capital Management is an activist investment manager specializing in forensic short-selling. Sign up for the newsletter.
Company Info
Clear Secure, Inc. operates a secure identity platform under the CLEAR brand name primarily in the United States.
Market Cap
$5.4B
Pitch Price
$24.47
Price Target
12.65 (-78%)
Dividend
1.49%
EV/EBITDA
19.25
P/E
43.24
EV/Sales
5.05
Sector
Software
Category
special_situation
Spruce Point Capital Management Issues 'Strong Sell' Research Opinion On Clear Secure, Inc. (NYSE: YOU)
YOU short: Declining value proposition as member growth causes bottlenecks; TSA's Touchless ID threatens CLEAR's future. Slowing net new members, less airline partner incentives. Gross margins likely 61.5% (not 85.8%). Excessive insider cash distributions vs R&D investment. 30-50% downside to $12.65-$17.70.