The Dow Jones index closed lower by more than 500 points on Thursday. 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.

Brightcove

• The Trade: Brightcove Inc. (NASDAQ:BCOV) 10% owner Jonathan Brolin acquired a total of 5,190 shares an average price of $1.85. To acquire these shares, it cost around $9,581.
• What's Happening: On Feb. 22, Brightcove reported fourth-quarter financial results and issued FY24 guidance below estimates.
• What Brightcove Does: Brightcove Inc is a provider of cloud-based streaming technology and services.

RENN Fund

• The Trade: RENN Fund, Inc. (NYSE:RCG) President and CEO Murray Stahl acquired a total of 57 shares at at an average price of $1.59. To acquire these shares, it cost around $91.
• What's Happening: RENN Fund shares gained 7% over the past month.
• What RENN Fund Does: RENN Fund Inc is active in the financial services domain. It is a closed-end management investment company formed to provide return through capital appreciation and income by a long-term, value-oriented investment process that invests in a wide variety of financial instruments, including but not limited to, common stocks, fixed-income securities including convertible and non-convertible debt securities or loans, distressed debt, warrants, and preferred stock, exchange-traded funds and exchange-traded notes, and other instruments.