Anyone who owns shares of ASX 200 tech stock WiseTech Global Ltd (ASX: WTC) has had a wild ride over the past month or two.
Wisetech shares have endured a particularly volatile period over October and November. The logistical solutions company crashed by more than 25% back in October following some less-than-tasteful allegations against its co-founder and CEO, Richard White.
However, the company rapidly rebounded by close to 40% after White announced that he was stepping aside as CEO at the end of October.
Things were going well until 22 November, when Wisetech revealed that it would be delaying the launch of its new Container Transport Optimization product. The company will now launch this product in the second half of FY25, delaying the expected revenue stream.
Investors did not take this news well, with Wisetech shares once again taking a plunge. On the day of that announcement, the company shed another 12% or so. Saying that, as of today, Wisetech shares have yet again rebounded, rising 7% since 22 November.
At the time of writing, the company is trading at $130.66, up a solid 2%.
It seems that a senior member of Wisetech has taken advantage of this latest share price rebound.
WiseTech co-founder sells remaining shares
An ASX filing was made last Friday, 29 November, which revealed that Wisetech's other co-founder, Maree Isaacs, has almost completely exited her position in the company she helped found. Isaacs has reportedly sold her entire 8.17% position in RealWise Holdings Pty Ltd.
RealWise is the holding company that was (until recently) co-owned by Richard White and Isaacs. It, in turn, owns 37.4% of Wisetech Global. Isaacs' position has been directly transferred to Richard White himself for a total sale value of $285 million.
In addition to that sum, Isaacs will also reportedly receive "future quarterly payments based on the volume weighted average price of WiseTech shares over a period of up to seven years".
This move arguably cements Richard White's dominance at Wisetech despite his recent departure as CEO. But given what has happened with the Wisetech share price over the past few days, shareholders don't seem to mind.
As it stands today (and despite the recent volatility), this ASX 200 tech stock is now up 71.1% year to date and 93.3% over the past 12 months.
Wisetech is now trading on a price-to-earnings (P/E) ratio of 165, with a trailing dividend yield of 0.13%.
