Few ASX stocks have given investors a more brutal ride than WiseTech Global Ltd (ASX: WTC) this year.
The WiseTech share price has fallen 50% since the start of 2026 and is now trading a long way below its 52-week high of $121.31.
At the time of writing, the stock is down another 1.21% on Friday to $34.21, taking its monthly decline to around 10%.
However, WiseTech has recovered from its low of $28.76 on 23 June. The stock has posted several large daily gains over the past few weeks, although those rallies have often been followed by more selling.
Investors are now weighing comments from management about one of the company's largest customers, while trying to work out whether the recent low has finally marked the bottom.
Here's the latest.
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WiseTech tries to ease customer concerns
According to The Australian, WiseTech Chief Executive Zubin Appoo is trying to settle concerns about Danish logistics group DSV.
DSV completed its 14.3-billion-euro takeover of DB Schenker in April 2025, creating one of the world's largest transport and logistics companies.
The issue that's taking centre stage is that DSV could eventually replace WiseTech's CargoWise software with Tango, the system acquired through DB Schenker.
However, Appoo said DSV remains an active WiseTech customer and continues to increase its use of CargoWise.
He said:
DSV remains an active WiseTech customer. CargoWise transaction volumes with DSV have grown by around 20 per cent in the last six months.
Take note, the number of DSV users on CargoWise has reportedly increased by around 3% over the same period.
Appoo recently met with DSV Chief Executive Jens Lund and said both companies remain committed to their long-term relationship. DSV's current contract runs until September 2028.
WiseTech pointed out that large CargoWise installations can take between 5 and 7 years to complete. And that customer attrition has remained below 1% a year over the past 14 years.
Investors are not convinced yet
Despite the reassurance, analysts at Citi still see the potential DSV migration as a risk.
The broker has warned about the issue since February and again highlighted "DSV migration headwinds" this week.
Citi has reportedly reduced its FY28 CargoWise revenue growth forecast to 7%, removing around $80 million from its previous estimate.
This means that the downgrade shows Citi is allowing for some impact, even though DSV hasn't confirmed it will leave CargoWise.
Has the WiseTech share price bottomed?
There are signs that buyers are stepping in around the low-$30 mark, but the stock is still moving around a lot.
WiseTech shares jumped 14.26% on 24 June, then rose another 7.31% and 5.65% earlier this week. The stock gave back 7.28% on Wednesday.
Keep in mind, the business is still profitable, and CargoWise is widely used across the logistics industry.
And DSV hasn't confirmed any plans to leave the platform either.
The share price could remain under pressure in the short term, but a stronger-than-expected August result could help shift the mood.
