Why Churchill Capital Corp IV Stock Was Racing Higher This Afternoon

Churchill Capital Corp IV CCIV closed up nearly 10% Wednesday after volume spiked higher in afternoon trading. 

What Happened: Evercore ISI announced it was impressed with Lucid Motors after a tour of its New York studio. 

Following a test ride in the Lucid Air Grand Touring, the analyst firm complimented the vehicle's suspension and powertrain. Evercore also noted increasing vehicle reservations.

In an interview with Yahoo Finance on June 25, Lucid Motors CEO Peter Rawlinson said "our reservations have just exceeded 10,000."

What people don't understand is that the EV race is a technology race, Rawlinson said, adding that Tesla is currently the only runner in the race. "We have world-class technology and we aim to make this a two-horse race,” the Lucid Motors CEO said. 

Related Link: 5 SPACs To Watch In The Second Half Of 2021

Why It Matters: Churchill Capital Corp IV has been a favorite of retail investors as the stock surged to almost $65 per share while investors anticipated the SPAC merger announcement with Lucid Motors in February.

Shareholders are set to vote on Churchill Capital Corp IV's merger with Lucid Motors on July 22.

Churchill Capital Corp IV was the top trending stock on Stocktwits at publication time. 

Price Action: Churchill Capital Corp IV has traded as high as $64.86 and as low as $9.60 since its IPO in September.

At last check Wednesday, the stock was down 0.35% in after-hours trading at $28.77. 

Photo: courtesy of Lucid Motors.