CCIV Stock Price: Lucid Motors – Churchill Capital IV rallies hard to three-month highs above $26.50

Update June 8: CCIV shares (NYSE: CCIV) kicked off a fresh week on a solid footing, rallying as much as 11% to settle Monday at three-month highs of $26.52. The stock extended last week’s stellar performance, courtesy of the advance in the EV sector and growing anticipation for the impending merger with Lucid Motors. US Secretary Janet Yellen walking back on her tapering comments helped improve the overall market sentiment, offering a further boost to CCIV. The Reddit-led retail frenzy has returned, driving up the meme stocks over the past trading week.

NYSE:CCIV has seen its stock taper off the past couple of days, but there are indications that we could see it blast off ahead of its merger with Lucid Motors. Thursday saw CCIV shares drop by 2.55% to close the day at $22.96 as meme stocks caused another tumultuous day for the markets. CCIV investors should take solace in the fact that the stock was recently able to break through previous resistance points, and is now trading comfortably above both its 50-day and 200-day moving averages. 

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Given the recent short squeeze attempts on meme stocks like AMC (NYSE:AMC) and GameStop (NYSE:GME), it should come as no surprise that investors have been searching for other stocks with high short interest. Enter CCIV which reportedly has 18.83% of its shares currently in short positions, which could be a catalyst that could send the stock soaring ahead of its merger. One thing to note with SPAC stocks is that there is often a higher short percentage because PIPE investors are allowed to hedge their investments prior to the merger. 

CCIV stock news

Another day another hit to Lucid rival Tesla’s (NASDAQ:TSLA) stock price. The EV industry leader tumbled a further 5% on Thursday, after the recent recall and loss of global EV market share. Tesla’s drop in market share illustrates just how many automakers are releasing electric models, with news that companies like General Motors (NYSE:GM) and Nio (NYSE:NIO) are growing their production figures for the rest of the year. 

Previous updates

Update June 7: NYSE:CCIV closed the day with substantial gains despite the sour tone of Wall Street. The shared added 10.65% to settle at $26.50, a couple of cents below its daily high at 26.54. Among US indexes, only the Nasdaq was able to post gains, up 67 points or 0.49%. The DJIA and the S&P 500 opened with gains but lost 0.36% and 0.08% respectively. Investors are still trying to price-in future US Federal Reserve monetary policies, speculating with tightening amid economic progress. On Sunday, US Treasury Secretary Janet Yellen said that higher interest rates would be a “plus,” although he quickly clarified that she does not expect higher spending levels would create an inflation overrun. 

Update June 7: There is no stopping at the $24 mark for Churchill Capital Corp IV (NYSE: CCIV) – shares of the SPAC company have been jumping by over 3% early on Monday, aiming at the $25 level. CCIV is benefiting from the upbeat market mood and especially the drive forward of electric vehicle stocks. Lucid Motors and Churchill are set to complete their merger in a few more months. In broader markets, investors are shrugging off worries about higher US inflation. 

Update June 7: Churchill Capital Corp IV (NYSE: CCIV) has closed the first week of June at $23.95, the highest close since early April. As investors await the announced SPAC merger with Lucid Motors, shares have been on a recovery path alongside those of other electric vehicle companies. However, some fear that the current increase could result in yet another "buy the rumor, sell the fact" response once the merger is completed. CCIV will change its ticker to LCID, sometime in the second half of the year.