WiseTech Global Ltd (ASX: WTC) shares have endured one of the most brutal sell-offs on the ASX over the past year.
Trading around $35 at the time of writing, the ASX tech stock is a long way below its 52-week high of $120.60 and much closer to its low of $28.76.
But after such a dramatic fall, investors are asking a big question: are WiseTech shares a buying opportunity in August?
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The business behind the share price
The collapse in WiseTech shares has been painful, but the underlying business has remained surprisingly strong.
Its flagship CargoWise platform continues to be one of the world's leading logistics software solutions, helping freight forwarders, customs brokers, and global supply chain operators manage increasingly complex operations.
The company remains exposed to powerful long-term trends, including the digitalisation of global trade and the growing need for smarter logistics technology.
Unlike many technology companies that have fallen because of slowing demand, WiseTech's problems have largely centred around investor confidence and governance concerns.
Questions surrounding founder and executive chairman Richard White emerged late last year and have continued to weigh on sentiment.
More recently, media reports that the Australian Federal Police is investigating White over alleged trafficking matters added another layer of uncertainty. WiseTech has stated that the reported investigation relates to White in his personal capacity.
Could results change the narrative?
The next major test for WiseTech shares arrives on 26 August when the $11 billion tech company releases its FY26 results.
Management has reaffirmed guidance for revenue of between US$1.39 billion and US$1.44 billion, representing growth of 79% to 85%.
It also expects EBITDA of US$550 million to US$585 million, an increase of 44% to 53% compared with FY25.
If WiseTech delivers on those expectations, investors may start shifting their attention away from governance concerns and back towards the company's strong growth profile.
What do brokers think?
Despite the share price collapse, broker sentiment remains surprisingly positive.
According to TradingView data, 10 of the 13 analysts covering WiseTech shares rate the company as a buy or strong buy, while the remaining three recommend holding.
The average 12-month price target sits around $62, implying potential upside of almost 76% from current levels.
Citi remains optimistic, although it recently lowered its target price from $65.65 to $52. Even after the downgrade, the broker still sees more than 48% upside.
Bell Potter is even more bullish, maintaining a buy rating and a $71.75 price target. That implies WiseTech shares could more than double over the next year.
The broker believes the recent weakness reflects company-specific issues rather than a deterioration in the underlying business. It also expects some of those concerns to fade following the appointment of Raelene Murphy as chair.
Foolish takeaway
WiseTech shares remain a high-risk investment after a dramatic fall, but the company's core business continues to show strength.
The FY26 result could be a crucial moment. Strong execution may help rebuild investor confidence, while any disappointment could keep pressure on the stock.
For investors willing to look beyond the headlines, WiseTech remains one of the ASX's most closely watched turnaround stories.
