The WiseTech Global Ltd (ASX: WTC) share price closed the session on Thursday down 2.37% to $53.46.
The broader market also fell, with the S&P/ASX 200 Index (ASX: XJO) dipping 0.074%.
But the logistics software group is well ahead of the ASX 200 over the past 12 months.
The WiseTech share price is down 0.093%, while the market benchmark index has fallen 9.15%.
What's next for this ASX 200 tech darling?
According to an article in The Australian today, WiseTech is looking for acquisition opportunities.
The company has about $500 million in cash and an undrawn $225 million debt facility, according to WiseTech CEO Richard White. He said: "We can use our ability to buy things."
White gave an address at the Citi Australia & New Zealand Investment Conference in Sydney yesterday.
He told the crowd of institutional investors that the company was looking for more "tuck-in" deals.
This is particularly the case for its freight forwarding software segment.
White said: "We continue to see that (area) performing quite well. I am expecting to see more major deals signed in that space in the next few years."
White also described land-side logistics as "an obvious next step".
He added: "After that, it is warehousing".
WiseTech share price snapshot
Back in mid-2021, WiseTech shares were trading in the $30-range, where they had been for quite a while.
Then came the full-year FY21 results, with Wisetech smashing its guidance and doubling its net profit.
The company dropped its results on 25 August. There was an immediate reaction with the WiseTech share price rocketing. And the growth continued. WiseTech shares breached the $60 mark in December.
It was a complete re-rating experience for the ASX 200 technology share darling, which had formed part of the much-lauded WAAAX shares quintet.
WiseTech was sold off with the rest of the ASX 200 in the first half of 2022. Its share price returned to the $30-range in June. It has since rebounded strongly by more than 50% to return to historically high levels.
The company announced its FY22 results on 24 August, with more good numbers sending the WiseTech share price northwards once again.
