Guess which ASX 200 director sold $6.5m worth of their company shares last week

Insider buying is generally considered an indication that those working behind the scenes at a company believe in its future growth. Conversely, insider selling – such as that that took place at one S&P/ASX 200 Index (ASX: XJO) tech share last week ­– is often seen as a warning.

Though, there’s been no hint as to why WiseTech Global Ltd (ASX: WTC) founder, CEO, and executive director Richard White has been selling down his holding of the ASX 200 company’s shares.

The insider offloaded a near $6.5 million parcel on-market last week. That was just the latest in a string of sales.

Let’s take a closer look at the latest insider selling going down at WiseTech.

This ASX 200 insider is on a multi-year selling streak

The boss of ASX 200 tech share WiseTech continued selling his holding of the company’s register last week, offloading 111,994 shares between 28 October and 3 November.

The insider sold the stake on-market, garnering an average price of $57.67 per share – a total of $6.46 million.

That sees White, through his company RealWise Holdings, with a total of 121.9 million shares in the tech giant – around 37.3% of its register.

The WiseTech boss also sold a 113,796-strong parcel of the company’s stock between 21 October and 27 October for another $6.45 million.

He has been chipping away at his holding since June 2020. Then, White sold around 2.4 million shares, leaving him with a 46.9% stake. He commented at the time:

Since WiseTech’s listing on the ASX in 2016, I have released shares only once previously, in December 2017, to facilitate liquidity when WiseTech entered the ASX 200.

I remain a proud, long-term shareholder … and, as founder and CEO, deeply committed to WiseTech and its long-term growth strategy.

I reiterate that I intend to remain a substantial shareholder for the very long-term and remain, as ever, firmly committed to WiseTech.

Over the years since, White has sold shares in the ASX 200 tech favourite for as little as $18.40 and as much as $59.54. The WiseTech share price is currently $55.40.

The post Guess which ASX 200 director sold $6.5m worth of their company shares last week appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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