Why the Strategic Elements (ASX:SOR) share price is rocketing 36% higher today

The Strategic Elements Ltd (ASX:SOR) share price is rocketing higher again on Wednesday. Here's why its shares are on fire right now…

| More on:
miniature rocket breaking out of golden egg representing rocketing share price

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

The Strategic Elements Ltd (ASX: SOR) share price has been an exceptionally strong performer on Wednesday.

At one stage today, the technology-focused investment and development company's shares were up as much as 36% to a record high of 92 cents.

When the Strategic Elements share price hit that level, it meant it was up a remarkable 475% in the space of one month.

So, with 378.4 million shares on issue, this gave Strategic Elements a market capitalisation of ~$350 million.

Why is the Strategic Elements share price rocketing higher?

Investors have been scrambling to buy Strategic Elements shares since this time last month due largely to an announcement at the end of the year relating to its printable Nanocube Memory technology.

According to the release, testing has confirmed that the printable Nanocube Memory technology has potential as printable brain-inspired (neuromorphic) computing hardware.

Management advised that work at the University of New South Wales (UNSW) has confirmed that the Nanocube Memory structure and operation allows it to combine computing and memory in one place in a way similar to how biological neurons operate.

This is potentially a big positive as experts in the memory technology field believe the future of computing will be about rethinking processor architecture from the ground up to emulate how a brain efficiently processes information.

Management notes that artificial synapses fabricated by UNSW using the Nanocube Memory technology provide a potential hardware solution that has combined data storage and processing abilities. This is key to neuromorphic computing.

On Tuesday, the company responded to a media article commenting that "the next goal in the memory tech space is to print one megabit of memory on to a piece of plastic, which Strategic expects will be completed by May."

Strategic Elements responded by confirming that the technology is still under development, but it is aiming to develop the one megabit ultra-low power, flexible, transparent memory by May 2021.

This update appears to be what has given the Strategic Elements share price an added boost this week.

Insider share selling.

Insider selling is often regarded as a bearish indicator as few should know the intrinsic value of a company better than its directors.

So, it is worth noting that since November the company has filed countless change of director's interest notices which reveal that insiders have been selling millions of the company's shares over the last two and a half months.

Nevertheless, that hasn't appeared to put a dampener on the Strategic Elements share price rise over the same period.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 Bruce Jackson.

More on Share Gainers

Lion roaring in the wild, symbolising a rising Liontown share price.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors once again pulled back from record highs today.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

Why Accent, Dusk, Evolution Mining, and Zip shares are pushing higher today

These shares are having a great session. But why?

Read more »

Hands reaching high for a trophy with a sunset in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another day and another record high for ASX shares this Wednesday.

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Gold

Have you heard of this ASX gold stock? It's up 114% in 8 days!

Investors have sent the ASX gold stock flying higher in July. But why?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Cettire, Core Lithium, Northern Star, and Step One shares are charging higher

These shares are having a good time on hump day. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX investors this Tuesday.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why EOS, Hub24, Integrated Research, and Kingsgate shares are pushing higher

These shares are having a strong session. But why?

Read more »

happy mining worker fortescue share price
Share Gainers

Move over Lynas! How this ASX rare earths small-cap surged 106% in just 6 months

This ASX rare earths stock has more than doubled in less than half a year. But how?

Read more »