SPAC Churchill Capital In Retail’s Radar Yet Again As Stock Rises 13% Premarket: What’s Driving The Rally?

Churchill Capital Corp X (CCCX) stock is on track to build on its recent gains as it climbed about 13% in Friday’s early premarket session.

On Thursday, shares of the Special Purpose Acquisition Company (SPAC), which has agreed to merge with privately held quantum computing company Infleqtion, jumped nearly 12%, with the upside accompanied by more than four times the average volume. The catalyst that drove the stock higher was an announcement from Infleqtion concerning a strategic partnership agreement to boost quantum computing performance.

Infleqtion said the proposed pact with Silicon Light Machines, a micro-electro-mechanical systems company, will explore the integration of the latter’s technology into Infleqtion’s neutral atom quantum computing systems, to unlock performance gains and enable quantum computer scaling.

Churchill Capital's stock is on a seven-session winning streak since the start of October. The company announced the SPAC deal on Sept. 8, and since then, its stock has more than doubled. 

On Stocktwits, retail sentiment toward the stock remained ‘extremely bullish’ as of early Friday, with the message volume on the stream at ‘extremely high levels. The stock was among the top 15 trending equity tickers on the platform as of early Friday.

A bullish watcher said Churchill Capital will likely catch up with IonQ (IONQ).

Another sounded very bullish on the fundamentals of Infleqtion, stating that it should be compared to Nvidia. They also noted that Nvidia was already using Infleqtion’s technology.

The renewed buying interest in the stock was aided by short seller Andrew Left’s Citron Research, stating that Churchill Capital’s stock is severely undervalued relative to publicly-listed quantum computing peer Rigetti (RGTI). According to Citron, Churchill Capital stock should be trading at over $60.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Nvidia Stock Climbs Premarket, Brushing Off Report Of Chinese Customs Crackdown On AI Chips: Retail Chatter Grows

Share

·

Add us on