The Dow Jones index closed higher by around 300 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.

P3 Health Partners

• The Trade: P3 Health Partners Inc. (NASDAQ:PIII) 10% owner CPF III-A PT SPV, LLC bought a total of 160,000 shares at an average price of $0.51. To acquire these shares, it cost around $81,552.
• What's Happening: On Aug. 7, P3 Health Partners posted downbeat quarterly earnings.
• What P3 Health Partners Does: P3 Health Partners Inc is a patient-centered and physician-led population health management company.

XWELL

• The Trade: XWELL, Inc. (NASDAQ:XWEL) Director Gaelle Sandra Wizenberg acquired a total of 1,201 shares at an average price of $1.65. To acquire these shares, it cost around $1,987.
• What's Happening: On Sept. 5, XWELL named Ezra T. Ernst as CEO.
• What XWELL Does: XWELL Inc is a health and wellness holding company.

ThredUp

• The Trade: ThredUp Inc. (NASDAQ:TDUP) Director Noam Paransky acquired a total of 40,008 shares at an average price of $0.81. The insider spent around $32,407 to buy those shares.
• What's Happening: On Aug. 5, ThredUp reported worse-than-expected second-quarter financial results and issued FY24 revenue guidance below estimates.
• What ThredUp Does: ThredUp Inc is an online resale platform for women and kids apparel, shoes, and accessories.

• Jim Cramer: 'Hold On' To Builders FirstSource, 'Here's The Problem' With Viking Therapeutics