After a volatile start, the developer of cloud-based software solutions came out on top today.
The post WiseTech Global (ASX:WTC) share price bounces back to finish in green appeared first on The Motley Fool Australia. –
The WiseTech Global Ltd (ASX: WTC)’s share price ended the week in the green, recovering from a 4.4% dip into the red after the market open today.
WiseTech shares bounced back to reach an intraday high of $32.06, before ending the day up 0.44% at $31.93.
What happened today?
There was no market-sensitive information specific to the company released today that would have a direct impact to WiseTech’s share price.
Currently, WiseTech shares are trading off a 52-week high of $34.42, but are aloft their 52-week low of $18.91, which occurred back in August 2020.
The company’s share price has gained 62% over the previous 12 months, above the S&P/ASX 200 Index (ASX:XJO)’s return of about 21% over this same time.
However, after a bumpy year to date, WiseTech shares are in the green by 3.8%, lagging the S&P/ASX 200 Index’s return of nearly 11% since January 1.
Over the previous 5 trading sessions, WiseTech finished up by 2.6%, beating the broad index which had only a 0.3% gain over the same time.
Back in June, analysts at Morgan Stanley maintained their overweight rating on the WiseTech shares, assigning a price target of $35.00, which implies an upside potential of 9.6% from the current share price.
The investment bank believes recent secular tailwinds in WiseTech’s end markets will help drive earnings growth into the coming years.
Macquarie Bank also has an outperform rating on the company’s shares, with a price target of $34.00.
WiseTech Global share price snapshot
The current dividend yield is 0.13%, and the company has made good on each dividend payment since March 2017.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.