Market Commentary

David Kustoff Buys into This Tech Stock

Gino D'Alessio
6 Feb 2024 · 1 minute read

Congressman David Kustoff bought $15,000 - $50,000 worth of Clear Secure Inc (YOU:US) shares on January 17, 2023. Clear Secure shares have been in a rally, posting higher highs and lows, since their recent low of $18.94 in June 2022.

The closing price of YOU on January 17 was $29.39, and share prices at the time of writing this blog were trading at $31.29. The company was incorporated in 2019 and has posted net income losses since its inception. 

However, the company was recently awarded two new contracts at US airports for expedited identity verification. On January 24, Clear announced that it had launched a new dedicated identity verification lane at Long Beach airport, California. 

Later, on January 25, the company announced it had secured a contract for Raleigh Durham Airport. The latest additions brought the total number of US airports with Clear Secure technology to 50. 

Clear identity verification allows members to use the company’s network of expedited lanes using eye scans or fingerprint technology. Members avoid having to extract hard IDs such as a driving license. Travelers are then escorted by Clear staff through a dedicated lane straight to TSA security.

This procedure allows Clear’s members to save time and avoids them having to stand in line at the security checkpoint. Clear expects the two launches to create a combined 67 jobs and $3.8 million in economic activity. 

Despite the net income losses, Clear secure stock is still on a hopeful track as YOU’s stock price has surged by almost 11.16 year-to-date (YTD). Furthermore, the company currently possesses an M Cap of around $2.68 billion.