The Nasdaq Composite dropped by more than 100 points on Friday. Investors, meanwhile, focused on some notable insider trades.
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.3
- The Trade: Globalstar, Inc. GSAT Director James Monroe III bought a total of 200,000 shares at an average price of $1.80. To acquire these shares, it cost around $360.69 thousand.
- What’s Happening: Globalstar recently announced it will be the satellite operator for Apple satellite-enabled services. The company will receive payments from Apple under the partnership agreement.
- What Globalstar Does: Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services.
- The Trade: TransCode Therapeutics, Inc. RNAZ CEO Michael Robert Dudley acquired a total of 20,000 shares at an average price of $1.15. The insider spent around $23 thousand to buy those shares.
- What’s Happening: TransCode Therapeutics was recently granted FDA Orphan Drug designation for ‘ Magnetic nanocarrier-conjugated small interfering RNA against programmed death ligand 1.’
- What TransCode Therapeutics Does: TransCode Therapeutics Inc is an RNA oncology company. It is created to defeat the cancer through the intelligent design and effective delivery of RNA therapeutics.
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- The Trade: loanDepot, Inc. LDI Executive Chairman Anthony Li Hsieh acquired a total of 102,637 shares at an average price of $1.60. To acquire these shares, it cost around $164.22 thousand.
- What’s Happening: loanDepot named Gregory Smallwood as chief legal officer and Corporate Secretary.
- What loanDepot Does: loanDepot Inc provides nonbank consumer lending solutions for individuals in the United States. It offers personal, residential home, home refinancing, mortgage and home equity loans. It also provides online mortgage loans for refinancing and home purchases.