Insider buying is generally considered an indication that those working behind the scenes at a company believe in its future growth. Conversely, insider selling – such as that that took place at one S&P/ASX 200 Index (ASX: XJO) tech share last week – is often seen as a warning.
Though, there's been no hint as to why WiseTech Global Ltd (ASX: WTC) founder, CEO, and executive director Richard White has been selling down his holding of the ASX 200 company's shares.
The insider offloaded a near $6.5 million parcel on-market last week. That was just the latest in a string of sales.
Let's take a closer look at the latest insider selling going down at WiseTech.
This ASX 200 insider is on a multi-year selling streak
The boss of ASX 200 tech share WiseTech continued selling his holding of the company's register last week, offloading 111,994 shares between 28 October and 3 November.
The insider sold the stake on-market, garnering an average price of $57.67 per share – a total of $6.46 million.
That sees White, through his company RealWise Holdings, with a total of 121.9 million shares in the tech giant – around 37.3% of its register.
The WiseTech boss also sold a 113,796-strong parcel of the company's stock between 21 October and 27 October for another $6.45 million.
He has been chipping away at his holding since June 2020. Then, White sold around 2.4 million shares, leaving him with a 46.9% stake. He commented at the time:
Since WiseTech's listing on the ASX in 2016, I have released shares only once previously, in December 2017, to facilitate liquidity when WiseTech entered the ASX 200.
I remain a proud, long-term shareholder … and, as founder and CEO, deeply committed to WiseTech and its long-term growth strategy.
I reiterate that I intend to remain a substantial shareholder for the very long-term and remain, as ever, firmly committed to WiseTech.
Over the years since, White has sold shares in the ASX 200 tech favourite for as little as $18.40 and as much as $59.54. The WiseTech share price is currently $55.40.
