The Dow Jones index closed higher by more than 200 points on Friday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform.
Hydrofarm Holdings Group
- The Trade: Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) Director, CEO and Chairman of the Board William Douglas Toler bought a total of 100,000 shares at an average price of $0.50. To acquire these shares, it cost around $49,800.
- What's Happening: On Aug. 8, Hydrofarm Holdings Group reported $54.8 million in net revenue for the second quarter representing a 13.1% year-over-year decrease from $63.1 million.
- What Hydrofarm Holdings Group Does: Hydrofarm Holdings Group Inc is a distributor and manufacturer of agriculture equipment and supplies.
Neuronetics
- The Trade: Neuronetics, Inc. (NASDAQ:STIM) Director Glenn P Muir acquired a total of 25,000 shares at an average price of $0.85. To acquire these shares, it cost around $21,250.
- What's Happening: On Aug. 12, Neuronetics reported worse-than-expected second-quarter financial results and issued third-quarter revenue guidance below estimates.
- What Neuronetics Does: Neuronetics Inc a commercial stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from psychiatric disorders.
Butterfly Network
- The Trade: Butterfly Network, Inc. (NYSE:BFLY) Director Larry Robbins acquired a total of 1,676,869 shares at an average price of $1.00. The insider spent around $1.68 million to buy those shares.
- What's Happening: On Aug. 28, ENDRA Life Sciences announced it was granted an extension to regain Nasdaq compliance status.
- What Butterfly Network Does: Butterfly Network Inc is a digital health business transforming care with handheld, whole-body ultrasound.
Castellum
- The Trade: Castellum, Inc. (NYSE:CTM) General Counsel, Secretary Jay O Wright acquired a total of 61,597 shares at an average price of $0.16. The insider spent around $10,102 to buy those shares.
- What's Happening: On Aug. 9, Castellum posted second-quarter revenue of $11.5 million.
- What Castellum Does: Castellum Inc is engaged in providing information technology services.
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