Take a Wait-and-Watch Approach with Churchill Capital Stock

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Take a Wait-and-Watch Approach with Churchill Capital Stock

Faisal HumayunJuly 16, 2021, 1:44 PM·4 min readIn this article: Churchill Capital Corp IV (NYSE:CCIV) possibly marked the peak of the frenzy surrounding special purpose acquisition companies (SPACs) this past year. However, CCIV stock has recently remained depressed after its significant fall from an all-time high of $64.86 in February.Exterior of Lucid Motors buildingSource: gg5795 / Shutterstock.comTo me, this does not come as a surprise. At just under $23 today, the Lucid Motors SPAC is already trading at an excessive valuation (post business-combination completion). Yet, the company still hasn’t delivered its first electric vehicle (EV) to consumers.Without a doubt, there will be winners from the electric vehicle space in the next decade. However, investors need to be increasingly selective as the EV space gets overcrowded. According to Credit Suisse research, “Tesla’s market share in the global electric vehicle market declined to 11% in April, down from 29% in March.” The reason for Tesla’s (NASDAQ:TSLA) decline? Competition from pure-play EV companies as well as from traditional automakers.InvestorPlace - Stock Market News,