WiseTech Global (ASX: WTC) shares have fallen further into the red on Thursday.
At the time of writing, the shares are down around 2% to $36.35 each.
Today's slide means the beaten-down tech stock is now down close to 47% for the year to date and has crashed just over 66% inside 12 months.
For context, the S&P/ASX 200 Index (ASX: XJO) is down around 1% this morning but is just over 3% higher than a year ago.
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What on earth happened to WiseTech shares?
It's been a bloodbath for WiseTech shares over the past year, with the tech company hit by multiple and consecutive headwinds which sent its share price tumbling.
WiseTech was caught up in a tech-sector wide sell-off in late-2025 and early-2026 after investors became concerned about the implications of AI on traditional software models.
Shortly later, concerns about conflict in the Middle East spooked investors further. Global sharemarket uncertainty saw investors turn their back on high-growth technology stocks like WiseTech and rotate towards more stable assets instead.
Can the tech stock turn its share price around?
WiseTech certainly has a lot of potential.
The company's CargoWise platform is deeply embedded in the global logistics industry. That means it's difficult to replace and gives WiseTech a strong competitive advantage in the market.
Investors are also optimistic about the company's potential to expand further into the global trade market.
And this market dominance was represented in its latest results.
The company's most recent market update was back in February when it reported its half-year FY26 results and reaffirmed its FY26 guidance.
Highlights from the first half included a 76% year-on-year revenue boost and a 31% increase in reported EBITDA.
On the bottom line, WiseTech reported a 2% increase in underlying NPAT.
The company also recently reaffirmed full-year revenue guidance of between US$1.39 billion and US$1.44 billion. That would represent growth of 79% to 85% for the year. Meanwhile, management forecasts full-year EBITDA in the range of US$550 to US$585 million, up 44% to 53% from FY25.
CEO Zubin Appoo also commented that AI is strengthening the company's advantage in the market, unlocking efficiency gains and adding value to customers.
The potential for AI to automate manual logistics processes and reduce errors could make WiseTech's CargoWise platform even more valuable over time.
Where do brokers expect WiseTech shares to go next?
Market Index data shows brokers have a strong buy consensus on WiseTech shares. They tip a potential 123% upside over the next 12 months to an average $81.64 target price, at the time of writing.
The team at Dolphin Partners Financial Services recently named the ASX tech stock as a buy. The broker said it thinks the shares are trading at a deep discount to broker valuations following significant share price weakness.
Bell Potter also has a buy rating on the shares and said it is eagerly awaiting the FY26 results in August. The broker added that, depending on the FY26 results, WiseTech's FY27 forecast could even prove to be conservative and has the potential to drive renewed confidence and push up its share price.
