The WiseTech Global (ASX: WTC) share price closed in the red again on Thursday afternoon. Over the course of the day the shares fell 0.48% to $61.72 a piece.
The latest drop means the shares are now 9.96% lower for the year-to-date and nearly 50% below where they were this time last year.
It looked like the logistics software provider's stock had finally bottomed out in late-2025 after WiseTech faced several headwinds throughout the 12-month period.
From unexciting financial results to an AFP and ASIC raid and a boardroom fallout, several consecutive events managed to knock back investor confidence time and time again. And confidence keeps on dwindling.
The thing is, WiseTech shows fantastic potential for growth over the next 12 months. The business is strong, it is continually expanding its operations, and it also has a proven track record of company growth.
I even think there is a good chance it's shares could double in value in 2026.
The team at Bell Potter thinks that the beaten-down logistics company could be an ASX 200 share to buy. It has a $100 price target on WiseTech shares.
Macquarie said that it sees limited risk associated with the company's upcoming half-year results. The broker has an outperform rating and $108.50 price target on WiseTech shares.
And some analysts are even more bullish on their outlook for the stock. TradingView data shows that 12 out of 14 analysts have a strong buy rating on the stock.
The average target price is $107.56 per share, which implies a 74.27% potential upside, at the time of writing. However the maximum target price is a whopping $175.65 a piece, which implies a potential 174.65% upside over the next 12 months.
So, why aren't we seeing this type of price increase come to fruition?
Image source: Getty Images
Why are WiseTech shares still falling?
There has been no price-sensitive news out of the company this month to explain the latest decline. So it looks like investor confidence is still taking a beating from the multiple headwinds the business faced last year.
WiseTech has been affected by governance drama and an ASIC raid, which weighed heavily on investor sentiment.
The raid was in relation to alleged insider trading by founder and former CEO Richard White and other staff members during late 2024 to early 2025. No charges have been laid against the company, but a board turnover and media scrutiny heavily affected investor confidence which still has not been able to recover.
Around the same time, investors were also worried about the execution of its e2open acquisition, adding more risk. Another red flag to investors it seems.
In short, WiseTech shares are still declining because the uncertainty and risks posed continue to outweigh business strength in the short term. The question now is, when will it end?
