Lucid Motors – Churchill Capital IV extends decline, losing key moving averages
- NASDAQ:LCID fell by 3.03% to close another turbulent session at $23.35.
- Lucid loses some key moving averages as the post-SPAC merger woes continue.
- EV SPACs fall as former Nikola CEO Trevor Milton is charged with fraud.
NASDAQ:LCID continues to edge lower for the third straight session, the bullish rise to $29.00 earlier in the week seems like a distant memory now. On Thursday, shares of LCID fell by 3.03% to close the trading day at $23.35. The NASDAQ traded mostly flat, after two of its biggest constituents, Facebook (NASDAQ:FB) and PayPal (NASDAQ:PYPL) tanked following their earnings reports after the close on Wednesday. Further anxiety was shown as Amazon ((NASDAQ:AMZN)) fell during intraday trading ahead of its earnings on Thursday after the closing bell. The big players in the EV sector rose though as Tesla ((NASDAQ:(TSLA))) gained 4.69% and Nio (NYSE:NIO) added 2.01% during the session.
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Lucid’s third straight day of declines has been typical of post-SPAC mergers. Even though Lucid was the largest SPAC merger by valuation, it is still seeing the same sell-off that other SPACs have seen, with many of them now trading below the $10.00 NAV price. Until Lucid begins to produce vehicles for consumers, the stock may continue to get punished in the short-term.
CCIV stock news
It was another dark day in the ongoing saga that is Nikola Motors ((NASDAQ:NKLA)), as former CEO and founder Trevor Milton was officially charged with fraud. Milton pleaded not guilty and was released on $100 million bail. Shares of Nikola plunged by 15.22% during Thursday’s session, and was joined by other EV SPACs like Lordstown Motors (NASDAQ:RIDE) which tumbled 5.49% in sympathy.