Churchill Capital (NYSE:CCIV) stock is on the rise Wednesday and with it comes extra interest from investors on social media.
CCIV stock is getting a boost as investors salivate at the potential valuation of a special purpose acquisition company (SPAC) merger with electric vehicle (EV) maker Lucid Motors. The goal is for the SPAC to take Lucid Motors public with a reverse merger.
Part of the reason for the rally comes from news yesterday of Rivian’s initial public offering (IPO) valuation. The company’s valuation is estimated to be between $50 billion to $70 billion. What does this mean for CCIV? The company could end up pulling in a much larger valuation than previously expected when it completes its SPAC merger. A cheap price could also pull in more investors, which would explain why the stock started gaining yesterday.
Keeping all of that in mind, let’s take a look at what traders on Twitter (NYSE:TWTR) have to say about Churchill Capital with CCIV stock heading higher today.
$CCIV making higher lows. Waiting for the MACD to turn back with bulls in control but watching bc once crossover happens we will touch $23 today.
— Shark of Traders 📈🦈📉 (@SharkofTraders) June 2, 2021
— Bag Collector (NOT Holder) 💰 (@jeff_trades) June 2, 2021
$CCIV is alive and well once again. Slow and steady!
— Lucid Dreamers Club (@EarlyLucidDream) June 2, 2021
— Vince Hansung (@Vince_imnida) June 2, 2021
— Justin (@StockOpps) June 2, 2021
So how is CCIV stock reacting to the extra attention from traders on Wednesday? Shares of the stock are seeing steady trading today. As of this writing, more than 14 million shares of the stock have changed hands. That has it approaching the stock’s daily average trading volume of roughly 19.7 million shares.
Shares of CCIV stock are also climbing 3.4% higher as of Wednesday afternoon. In addition to that, the stock is also sitting 122.1% higher since the start of the year.
There’s still plenty of other stock news for investors to catch up on today.
InvestorPlace has tons of coverage worth looking into to stay up to speed on the stock market. That includes what has shares of AMC Entertainment (NYSE:AMC), fuboTV (NYSE:FUBO), and Zoom Video Communications (NASDAQ:ZM) stock on the move today. You can look into that information for yourself by checking out the following links!
More Stock News for Wednesday
- #AMCtothemoon: AMC Stock Blows a Circuit, Shares Halted After Soaring 92%
- FUBO Stock: 14 Things to Know About Reddit Favorite fuboTV as Shares Surge Wednesday
- ZM Stock: Why Zoom Video Is Trending on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.