Clear Secure announces increase to share buyback program

Clear Secure Inc (NYSE: YOU) said last week that its Board of Directors had authorized a $100 million increase to the company’s existing Class A common stock share repurchase program.

During the first quarter of this year, Clear Secure used $84.9 million to buy back and retire 4.4 million shares of Class A common stock at an average price of $19.22.

“Capital allocation remains a key priority. Year-to-date share repurchases, our regular dividend and today’s special dividend announcement represent approximately $157 million already returned to shareholders in 2024,” Kenneth Cornick, President and Chief Financial Officer, said in a press release.

Stock Performance

The shares of Clear Secure Inc (YOU) closed 8.58% ($1.62) higher at $20.50 in New York on Friday, as they reversed a loss from the previous market session.

The company’s total market cap now stands at $3.088 billion.

The shares of Clear Secure Inc (YOU) went down 24.72% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).

The company’s shares have retreated 0.73% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 2 out of 4 surveyed investment analysts had rated Clear Secure Inc’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $28.75, which translates into a 40.24% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $40.00.