Churchill Capital IV (NYSE:CCIV) shares have broached $30 for the first time, bringing in gains of more than 200% just since the start of the year. However, the major move in CCIV stock comes without confirmation of a Lucid Motors SPAC merger. So where do things stand? And what else do you need to know?
CCIV stock is a blank-check company from iconic investor Michael Klein. It came public back in July 2020, and it started trading for just over $10. After a more than 30% rally today, shares have crossed $30 and elicited incredible trading volume. As of this writing, more than 62 million shares have traded hands. That compares to an average volume of 19 million shares.
While the move is impressive, it comes without any company news. Granted, as much of the interest in r/WallStreetBets stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) appears to fade, some Churchill bulls are just hopeful that attention will return to CCIV. There is also great speculation that the merger could be announced later today, or perhaps sometime this week. Investors should note that while this speculation is powerful, previous rumors of Merger Mondays have not panned out.
Additionally, the last two weeks have brought quite a few ups and downs for CCIV stock. Last week, reports that a Lucid Motors SPAC merger could face delays sent shares falling. According to the news, the Public Investment Fund of Saudi Arabia was working with Lucid to build a production facility in Jeddah. The PIF is a key investor in Lucid, and such a negotiation could slow down a reverse merger. However, news that many day traders may be abandoning old-school retail stocks in favor of SPACs helped drive a rally in shares yesterday.
But what in the world has CCIV stock moving today?
What to Know as CCIV Stock Crosses $30
At this point, it is pure speculation driving Churchill Capital shares. In fact, that speculation has led those shares to gain 200% — all without a confirmed merger target. That goes to show just how interested investors are in a Lucid Motors SPAC merger.
And perhaps, that interest is at work in the stock market today. Just a few hours ago, Lucid Motors reaffirmed that it is on track to start production of its flagship Air EV. This luxury, all-electric sedan should launch deliveries in 2021. Most importantly, it stands to disrupt Tesla (NASDAQ:TSLA) with its sleek aesthetics and competitive specs. Lucid shared on its Twitter (NYSE:TWTR) that as employees “close in on production,” they were continuing to test vehicle tech.
While the message does not contain much new information for CCIV stock fans, it affirms that Lucid Motors is on track toward its EV disruption. Perhaps with merger hopes rising, that is enough to take Churchill Capital across the $30 finish line.
As always, continue to do your own research. Without more information about the Lucid Motors SPAC merger, any CCIV stock movement is highly speculative.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.