Up 53% in 6 weeks. Could WiseTech shares double from here?

Detailed summary

The ASX tech shares are up another 1.5% on Thursday morning. The post Up 53% in 6 weeks. Could WiseTech shares double from here? appeared first on The Motley Fool Australia.

WiseTech Global Ltd (ASX: WTC) shares have jumped further into the green in Thursday morning trade.

At the time of writing, the technology shares are up around 1.5% and changing hands at $47.85 per share.

Today's increase means WiseTech shares have now climbed around 41% over the past month and are 53% higher than six weeks ago on the 1st of October.

The single largest catalyst was when the Australian Securities and Investments Commission (ASIC) closed two investigations involving the company and its personnel in mid-October.

These include share-trading investigations into founder Richard White and two current employees. ASIC has issued no-action letters confirming it will not pursue enforcement action against those individuals.

ASIC also concluded a separate governance investigation that began in late 2024, confirming that no enforcement action will be taken against WiseTech.

It looks like the update has cleared the governance overhang and concerns that have weighed heavily on the company's underlying business over the past two years.

Meanwhile, a broad rotation back into technology shares so far in November has also helped give WiseTech shares another boost.

Tech shares have rallied strongly after the US midterm election results reignited hopes for conflict resolution in the Middle East, which could ease inflation pressure.

Opening of the article, excerpted from The Motley Fool Australia. To read the rest, open the article on the publisher's site.