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WiseTech Global Shares Jump Nearly 7% as Stock Continues Long Rebound From Scandal-Driven Lows This Year
['Tony Jackson']
International Business Times Australia
The gain builds on a rebound that has taken shape over the past several weeks, as investors have moved to accumulate shares following an extended selloff tied to a governance crisis involving WiseTech's billionaire co-founder, Richard White.
Even after stepping back from his chair position, White remains WiseTech's largest shareholder, holding close to 40% of the company's shares, meaning his influence over the business has not disappeared entirely despite the governance changes.
WiseTech's recovery has continued in fits and starts in the weeks since White's resignation as chair, with the stock posting a series of strong single-session gains interspersed with periods of consolidation.
Wall Street sentiment toward WiseTech has remained notably bullish throughout the turbulence, even as the stock price itself has swung dramatically.
Recent analyst compilations show 13 analysts recommending the stock as a buy and none suggesting a sell, translating into an overall "strong buy" consensus rating.