Analysis of Clear Secure's Form 144 Filings: Insider Sentiment and Investor Confidence

Based on the available data, I can provide you with a comprehensive analysis of Clear Secure’s (YOU) Form 144 filings and their implications.

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The Form 144 filings you referenced actually occurred in

(not January 2025), with significant insider selling activity:

Insider	Position	Shares Sold	Date	Sale Price	Value
Caryn Seidman Becker	CEO (via Alclear Investments)	500,000	Dec 12, 2025	$40.00-$42.06	~$20.4M
Adam Wiener	Director	8,000	Dec 12, 2025	$40.00	$320,000
Lynn Haaland	Director	15,532	Dec 12, 2025	$41.00	$636,812
Adam Wiener	Director	6,000	Nov 6, 2025	$36.04	$216,240

These sales were reported via

(Notice of Proposed Sale of Securities), which insiders must file when planning to sell restricted securities exceeding 5,000 shares or $50,000 in value within a three-month period[0].

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The timing of these sales is significant:

• 52-Week High
  : The stock hit $42.29 in December 2025, its highest level in over a year[0]
• YTD Performance
  : Up +28.77% over the past year[0]
• Recent Surge
  : The stock jumped 22.6% in the week following JPMorgan’s December 12 upgrade to “Overweight” with a $42 price target[1]

: Insiders likely locked in gains after the stock’s strong rally, which is a common practice after significant price appreciation. This suggests —insiders may believe the stock is fairly valued at current levels.

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Crucially,

, including the CEO’s sale of 500,000 shares[2]. These plans are:

• Set up in advance
  when insiders possess no material non-public information
• Automated and scheduled
  , reducing insider discretion
• Legally compliant
  and designed to avoid conflicts of interest

: Sales under 10b5-1 plans are than spontaneous trades, as they are part of pre-determined diversification or liquidity strategies rather than reactive decisions based on insider information.

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While insider selling occurred, the company simultaneously announced:

• Major CMS Contract
  : A partnership with the Centers for Medicare & Medicaid Services to integrate CLEAR1 identity platform into Medicare.gov, signaling expansion beyond travel security[1]
• Analyst Upgrades
  : JP Morgan upgraded to “Overweight” and DA Davidson raised price target to $46[0][1]
• Strong Fundamentals
  : Net profit margin of 20.97% and operating margin of 19.24%[0]

This divergence suggests insiders may be

rather than reacting to negative internal information.

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1. Perception of Overvaluation
   : Multiple insiders selling near the 52-week high could signal that the stock’s rapid appreciation (up 43.8% YTD as of mid-December 2025[1]) may have outpaced fundamentals.

2. Volume of Selling
   : The CEO’s sale of 500,000 shares represents a significant reduction in ownership, which some investors may interpret as reduced alignment with shareholder interests.

3. Timing Coincidence
   : The sales occurred immediately before positive news (CMS contract), potentially raising questions about coordination.

1. 10b5-1 Plans Reduce Concern
   : Pre-scheduled trades under Rule 10b5-1 suggest these were not reactive insider decisions.

2. Remaining Holdings
   : Insiders retained substantial positions:
   • Adam Wiener still owned 179,634 shares worth ~$7.2M after selling 8,000 shares[3]
   • Caryn Seidman Becker still holds 2,250 shares worth ~$20.4M[2]

3. Analyst Optimism
   : Consensus rating remains “BUY” with a price target of $43.00 (+23.5% upside from current $34.82)[0], suggesting Wall Street remains bullish.

4. Growth Catalysts
   : The CMS contract and TSA partnership expansions provide fundamental growth drivers beyond travel security[1].

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The Form 144 filings indicate a

rather than a red flag:

• Primary driver
  : Profit-taking after a strong 2025 rally and near 52-week highs
• Less concerning
  : Trades executed under Rule 10b5-1 plans reduce insider discretion concerns
• Fundamental strength
  : Business remains robust with expanding TAM into healthcare identity verification
• Analyst support
  : Wall Street maintains positive outlook with significant upside to price targets

, the insider selling should be . Key factors to watch:

1. Q4 2025 earnings
   (expected March 2026) for revenue growth from new contracts
2. American Express contract renewal
   terms in H2 2026 (highlighted by JPMorgan as a key catalyst)[1]
3. Further insider activity
   —additional Form 4/Form 144 filings could signal sustained concern

While insider selling at peaks warrants attention, the structured nature of these trades and continued analyst support suggest

, with insiders simply diversifying after a successful 2025 performance.

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[0] 金灵AI数据 - Company overview, financial metrics, analyst ratings, and price data for Clear Secure (YOU)

[1] Investing.com, “JPMorgan upgrades Clear, names Roku a top pick for 2026” (December 2025), https://www.investing.com/news/stock-market-news/randian-capital-eyes-tsa-overhaul-as-billiondollar-catalyst-for-clear-secure-4425715

[2] StockTitan, “Clear Secure CEO discloses 10b5-1 sale of 500000 shares” (December 12, 2025), https://www.stocktitan.net/sec-filings/YOU/form-4-clear-secure-inc-insider-trading-activity-d9cc2034385b.html

[3] InsiderTrades.com, “CLEAR Secure (NYSE:YOU) Director Adam Wiener Sells 8,000 Shares” (December 17, 2025), https://www.insidertrades.com/alerts/nyse-you-insider-buying-and-selling-2025-12-17/

[4] NewsHeater, “Clear Secure Inc (YOU) Shares Plummet Below 1-Year High” (December 26, 2025), https://newsheater.com/2025/12/26/clear-secure-inc-you-shares-plummet-below-1-year-high/

[5] Yahoo Finance, “Clear Secure (YOU) Jumps 22.6% After JPMorgan Turns Bullish” (December 14, 2025), https://finance.yahoo.com/news/clear-secure-2025-rally-overshot-001639941.html