CCIV Stock Price: Lucid Motors – Churchill Capital IV falls again despite EV stocks rebounding

NASDAQ:LCID drops by 4.37% on Wednesday despite the EV sector rallying.
Lucid may still be battling valuation issues as seen with Tesla’s stock.
Ford reports a surprise profit as domestic EV turnaround gains momentum.

Stocks Reporter FXStreet

NASDAQ:LCID fell for a second straight day, as the newly merged company seems to be battling the post-SPAC merger blues. On Wednesday, shares of LCID fell a further 4.37% to close the trading day at $24.08. It has been a common theme to see companies who have recently merged via a SPAC, decline once the ticker symbol changes. Lucid saw a considerable decline on Wednesday, despite the NASDAQ pacing the broader markets after big tech companies smashed earnings expectations once again.

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Another issue with Lucid’s current stock price is that the company is carrying a fairly bloated valuation. Considering Lucid is still pre-revenue, and does not yet have a vehicle on the roads, the current comparisons to Tesla (NASDAQ:TSLA) seem like wishful thinking by investors. In fact, Tesla itself only managed to get its forward looking price to earnings ratio down to 104.69 after its recent revenue growth. Despite having its first ever quarter of $1 billion in revenue, shares of Tesla fell as analysts pointed out that much of this growth has already long been baked into the stock’s price.

CCIV stock news

In other EV news, Ford (NYSE:F) reported its earnings after the bell on Wednesday and the iconic automaker notched a surprise profit for the quarter. Wall Street was expecting a loss of $0.03 per share but Ford reported a profit of $0.13 per share. Revenues remained stagnant, but Ford did raise its guidance for the rest of the year despite headwinds from the global chip shortage. Ford expects reservations and sales of its new F-150 Lightning electric truck to boost revenues next year.

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