Clear Secure (YOU), a biometric travel document verification systems company, faces headwinds from reduced travel demand and displacement risks from competing technologies, short-seller Spruce Point Management said in a Wednesday 'opinion.'
The short-seller said it is also concerned about Clear Secure's transparency regarding accounting and financial reporting of active members, revenue, and free cash flow. Spruce Point said the company might be "mistakenly" perceived as a high-gross-margin technology subscription service as investors overlook that it heavily relies on human resources to deliver services.
Clear Secure didn't immediately respond to a request for comment from MT Newswires.
Clear Secure's shares were down 2.5% in recent Wednesday trading.
Price: 24.53, Change: -0.78, Percent Change: -3.08
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