This ASX share has surged 110% in 2023, but insiders are still buying it up!

Three directors of this technology company have loaded up on shares this month.

| More on:
An older woman clasps her hands with joy, smiling at the news on her computer as she sits at her kitchen bench..

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ASX space and defence technology share Electro Optic Systems Holdings Ltd (ASX: EOS) has been on a tear this year.

So far in 2023, the Electro Optic Systems share price has risen 112.5% to $1.02 per share today.

Despite this rapid share price growth, three company directors have been investing their own money buying more stock this month.

As we've previously reported, it's common to see ASX insider buys following earnings season.

Let's look into the details.

ASX insider buys typically indicate confidence

Investors generally interpret directors purchasing more shares in their own ASX companies as a good sign.

It usually indicates confidence in the future of the business.

In the case of Electro Optic Systems, three non-executive directors have bought shares this month.

Kate Lundy bought 4,630 Electro Optic shares at a price of $1.0794 apiece on-market on Wednesday.

Robert Nicholson bought 11,360 shares at 94 cents per share on-market on 8 September.

On the same day, non-executive director Geoff Brown AO bought 10,459 Electro Optic shares at 95.54 cents per share on-market.

What's the latest news from Electro Optic Systems?

The tech company released its unaudited figures for the six months ending 30 June on the last day of August.

The company reported $123.3 million in customer receipts, which was an increase of $48.8 million compared to the same period in FY22.

The net cash flow from operations came in at $30.7 million, an increase of $47.8 million on the same period in FY22.

Should you invest $1,000 in New Hope Corporation Limited right now?

Before you buy New Hope Corporation Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and New Hope Corporation Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Bronwyn Allen 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 Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Technology Shares

A young man goes over his finances and investment portfolio at home.
Technology Shares

Why are WiseTech shares sinking 6% today?

What's going on? Let's find out what is happening with this tech stock today.

Read more »

Two IT professionals walk along a wall of mainframes in a data centre discussing various things
AI Stocks

NextDC share price lifts off on record quarterly contract wins

AI-fuelled data centre demand is lifting investor interest in the ASX 200 tech stock today.

Read more »

group of traders cheering at stock market
Technology Shares

What drove a 10% surge in ASX 200 tech shares last week?

The ASX 200 roared to a 2-month high on Friday, with tech shares leading the 11 market sectors last week.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Technology Shares

Why is the Block share price crashing 33%?

This payment giant's shares are being hammered today. But why?

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Technology Shares

These ASX 200 tech stocks could rise 20% to 35%

Goldman Sachs is tipping these shares to rise strongly from current levels.

Read more »

A corporate team or board stands together and looks out the window.
Technology Shares

WiseTech shares charge higher on $3.5b acquisition news

This tech stock is ending the week positively. But why?

Read more »

A man leans forward over his phone in his hands with a satisfied smirk on his face although he has just learned something pleasing or received some satisfying news.
Technology Shares

3 reasons to buy this $25 billion ASX 200 tech stock today

A top expert forecasts more outperformance from this fast-growing ASX 200 tech stock.

Read more »

Lines of codes and graphs in the background with woman looking at laptop trying to understand the data.
Technology Shares

Why is the Brainchip share price crashing 9% today?

The semiconductor company is being sold off on Tuesday. But why?

Read more »