The WiseTech Global Ltd (ASX: WTC) share price has continued its positive run and is up 2% to $19.47 in afternoon trade.
This means that the logistic platform provider's shares have now put on a gain of over 15% since the start of 2019 and an even more impressive 24% since Christmas Eve.
Why is the WiseTech Global share price pushing higher today?
WiseTech Global's shares have pushed higher along with industry peers Appen Ltd (ASX: APX) and Afterpay Touch Group Ltd (ASX: APT) after a strong night of trade for their U.S. counterparts on Wall Street.
U.S. tech stocks rallied higher overnight, leading to the Nasdaq posting a 1.7% gain. Streaming giant Netflix led the way with a sizeable 6.5% gain after investors responded positively to news that it would be increasing the price of its subscriptions by upwards of 18%.
Why are its shares up 24% since Christmas?
Now that market volatility has died down, I suspect that investors are fighting to get hold of shares due to the company's strong performance so far in FY 2019.
Late last year at its annual general meeting the company advised that it was on course to achieve its guidance for FY 2019.
Management expects revenue in the range of $320 million to $333 million and EBITDA of $102 million to $107 million. On the top line this equates to annual growth of between 44% and 50%, whereas on the bottom line it will be growth of between 31% and 37%.
Should you invest?
While I think that WiseTech Global could prove to be a great buy and hold investment due to its strong long term growth potential, I feel that its shares are close to being fully valued now after this solid run.
In light of this, I would choose Appen's shares ahead of it for valuation reasons at this point in time.
