What’s up with WiseTech shares today?
The post Why is the WiseTech (ASX:WTC) share price having such a lousy end to the week? appeared first on The Motley Fool Australia. –
Unfortunately, the S&P/ASX 200 Index (ASX: XJO) hasn’t had the best of weeks. The ASX 200 has gone backwards by around 0.7% since last Friday’s close, and that includes the 0.11% gain the index has added so far today (at the time of writing).
One ASX 200 share defying this gloom was the WiseTech Global Ltd (ASX: WTC) share price. Now, WiseTech shares are still up around 5% since last Friday’s close. That’s an impressive figure in itself, and a vast outperformance of the ASX 200 to boot.
I said ‘was’ because today’s WiseTech share price moves, while not enough to take away the company’s stellar week, have certainly pulled the punch from the party. This WAAAX share is currently down a nasty 2.3% so far today to $57.35 apiece. At yesterday’s close, WiseTech was up by more than 7% for the week thus far. Today, this loss has pared its gains back to that 5% figure.
So why is the WiseTech share price having such a lousy end to the week?
What a choker! WiseTech share price comes off the boil
Well, it’s not entirely clear. WiseTech did release its annual general meeting addresses this morning. But these did not contain any new information for investors.
The company did reaffirm its guidance for FY2022 though. The company stated that “we anticipate FY22 revenue growth of 18% to 25% (representing revenue of $600 million to $635 million) and EBITDA growth of 26% to 38% (representing $260 million to $285 million)”. My Fool colleague James noted that “it appears as though the market was expecting a guidance upgrade” earlier today, so this might be weighing on the WiseTech share price.
But we also can’t ignore the general woes of the entire ASX tech sector today. The ASX tech shares sector is among the market losses today, with the S&P/ASX All Technology Index (ASX: XTX) currently down by 0.19% at 3,255 points. Not only is WiseTech in the red so far today, but it has been joined by Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P), REA Group Limited (ASX: REA) and Appen Ltd (ASX: APX).
It’s possible WiseTech shares have simply been caught up in this sector-wide sell off so far today.
Whatever the reason for today’s share price malaise, at least shareholders have still enjoyed a strong week of gains.
The post Why is the WiseTech (ASX:WTC) share price having such a lousy end to the week? appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Appen Ltd, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Appen Ltd, and WiseTech Global. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.