So What's Going On With Canoo Shares Falling Today?

Canoo Inc GOEV shares are trading lower by 9.78% to $3.28 Wednesday afternoon as the stock pulls back after surging on Tuesday following news Walmart will purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with the option to purchase up to 10,000 units.

Canoo says the LDV is engineered for high-frequency stop-and-go deliveries and speedy vehicle-to-door drop-off, including grocery and food/meal delivery. Its customized interior is designed for small package delivery, at competitive per-stop economics. Canoo added that The modular design and 120 cubic feet cargo volume are adaptable to evolve with customer needs which contributes to a decreasing per unit investment over time.

Canoo is a mobility technology company. The company designs and manufactures electric vehicles for both commercial and consumer markets.

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According to data from Benzinga Pro, Canoo has a 52-week high of $13.35 and a 52-week low of $1.75.