- NYSE:CCIV kept advancing on Tuesday despite the poor performance of Wall Street.
- CCIV sees massive volume as high short interest creates a buying opportunity.
- SPAC stocks once again see higher volume as another high profile merger is announced
Update June 9: After witnessing good two-way price swings, shares of CCIV (NYSE: CCIV) finished modestly higher by 0.53%. The stock price rallied as high as $27.85 before reversing sharply to $24.70. However, the stock managed an impressive comeback to settle at $26.64. Fundamentally, the sentiment across the EV sector is growing stronger and markets believe that CCIV stock is too cheap to ignore at these levels. Further, news that Tesla CEO Elon Musk canceled its upcoming Plaid+ model this weekend continues to benefit its competitor in CCIV.
A report on the high short interest in CCIV has led to social media retail investors buying up shares leading to a larger than normal volume for the stock. The current obsession with short squeezes have made any stock with a higher short percentage as a potential target by Redditors, and the strong week by CCIV could be due in part to retail piling in. CCIV saw the second highest trading volume on SPAC stocks on Friday, as well as some sympathy from the rest of the electric vehicle sector trading higher to close the week.
CCIV stock news
CCIV took a back seat on Friday as another high profile SPAC merger was announced after the closing bell on Thursday. Noted investor Bill Ackman finally reported that Universal Music Group would be the merger target for his SPAC Pershing Square Tontine Holdings (NYSE:PSTH). The long awaited announcement seemed to disappoint some investors, as shares of the SPAC fell by 11.94% on Friday following the news.
Update June 8: NYSE:CCIV managed to close the day in the green at $ 26.64, adding a modest 0.53%, despite US indexes remained lifeless, closing the day mixed around their opening levels. The stock has been underpinned by news indicating that CEO Elon Musk suddenly announced the cancellation of the Model S Plaid+ edition, which was seen as a the direct competition to Lucid’s Air sedan.
NYSE:CCIV exhibited incredible strength this week as investors continue to buy back into the SPAC stock with growing anticipation for the impending merger with Lucid Motors. Shares have now created a new support above both the 50-day and 200-day moving averages, and the stock should continue its bullish trend leading up to the merger date. On Friday, CCIV added a further 4.31% and closed the week at $23.95, which is the highest level the stock has seen since April.