This ASX titanium stock is up 44% in 2023, and the chair just bought $800,000 worth of shares!

An insider has been loading up on this stock this month.

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It certainly has been a great year for Iperionx Ltd (ASX: IPX) shares.

Since the start of 2023, the ASX titanium stock has rocketed 44% higher.

What is Iperionx?

IperionX's is aiming to be the leading developer of low carbon titanium for advanced industries including space, aerospace, electric vehicles and 3D printing.

The company holds an exclusive option to acquire breakthrough titanium technologies that can produce titanium products that are low carbon and fully circular.

This includes producing titanium metal powders from titanium scrap at its operational pilot facility in Utah, United States.

In addition, it intends to scale production at a Titanium Demonstration Facility in Virginia and holds a 100% interest in the critical minerals Titan Project. The latter has the largest JORC resource of titanium, rare earth, and zircon rich mineral sands in the United States.

Clearly a lot to get excited about!

Can this ASX titanium stock keep rising?

While it is impossible to say whether this ASX titanium stock can keep rising after its heroics so far in 2023, the company's chair, Todd Hannigan, appears to believe it can.

That's because, according to a change of director's interest notice, he recently picked up a total of 847,970 ordinary shares through an on-market trade. This came at a cost of $842,269, so clearly he means business.

It is worth noting that insider buying is often seen as a bullish indicator as few people know a company better than their management team or board of directors.

So, for its chair to put that amount of money into this ASX titanium stock, it would seem that he believed he was buying shares at a discount.

Time will tell if that is the case.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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