Alclear Investments II, LLC, a significant stakeholder in Clear Secure , Inc. (NYSE:YOU), has reported the sale of 150,000 shares of Class A Common Stock. The shares were sold at a weighted average price of $34.08, resulting in a total transaction value of approximately $5.1 million. This transaction was conducted under a Rule 10b5-1 trading plan, which was previously established by the reporting entity.
Following this sale, Alclear Investments II, LLC no longer holds shares of Class A Common Stock. The transaction, executed on October 11, 2024, reflects a strategic move by the company, which is managed by Kenneth Cornick and has ties to Alclear Holdings, LLC.
In addition to the sale, the report includes other transactions involving Class B and Class D Common Stock, although these did not involve any financial exchange. The Class B Common Stock, known for its voting and economic rights, was part of an exchange agreement with Alclear Holdings, LLC.
In other recent news, Clear Secure, a company specializing in biometric security, has reported a substantial increase in its fiscal second quarter for 2024. The company saw a 25% rise in revenues, a 137% growth in adjusted EBITDA, and significant cash flow growth, prompting it to raise its free cash flow growth guidance for the fiscal year to at least 40%. Clear Secure also added a record 2.3 million members during the quarter, contributing to robust growth in CLEAR Travel and CLEAR Verified.
Simultaneously, Clear Secure has announced the expansion of its TSA PreCheck enrollment program to four new airports: San Antonio International, Buffalo Niagara International, Kahului International, and Daniel K. Inouye International. This expansion increases the total number of CLEAR's TSA PreCheck enrollment centers to 51 across the United States, part of the company's 2024 plan to enhance customer convenience.
In other executive news, Kasra Moshkani, the Executive Vice President, Verified, will be leaving Clear Secure on September 18, 2024, to pursue other opportunities. The company has already begun the process of finding a suitable replacement. These are among the recent developments that highlight Clear Secure's continued focus on innovation and customer experience.
InvestingPro Insights
Clear Secure, Inc. (NYSE:YOU) has been experiencing significant growth and market attention, as evidenced by recent financial data and analyst insights from InvestingPro. The company's stock has shown remarkable performance, with a 126.06% price total return over the past year and a 92.38% return in the last six months. This aligns with the recent insider sale, suggesting that the stock may be approaching a peak valuation.
InvestingPro data reveals that Clear Secure has a market capitalization of $4.94 billion and is trading at a P/E ratio of 45, indicating a premium valuation. However, this should be considered in light of the company's strong growth metrics. Revenue growth stands at 32.44% for the last twelve months as of Q2 2024, with an impressive EBITDA growth of 199.06% over the same period.
Two key InvestingPro Tips are particularly relevant to this situation:
1. Clear Secure holds more cash than debt on its balance sheet, which provides financial flexibility and may explain why large shareholders feel comfortable selling shares.
2. The company's net income is expected to grow this year, supporting the current high valuation multiples.
These insights, along with 15 additional tips available on InvestingPro, offer a comprehensive view of Clear Secure's financial health and market position. For investors seeking to understand the context of insider transactions like the one reported, InvestingPro provides valuable data-driven perspectives.
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