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.

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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.

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.

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