Professional
Added to YB: 2025-05-02
Pitch date: 2025-04-30
YOU [bearish]
Clear Secure, Inc.
-57.19%
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
$3.6B
Pitch Price
$24.73
Price Target
12.65 (-69%)
Dividend
2.10%
EV/EBITDA
16.32
P/E
22.64
EV/Sales
3.68
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.