The Dow Jones jumped by more than 200 points on Monday. 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
Reliance Global Group
- The Trade: Reliance Global Group, Inc. (NASDAQ: RELI) Chairman and CEO Ezra Beyman bought a total of 49,300 shares at an average price of $0.80. To acquire these shares, it cost around $39.44 thousand.
- What’s Happening: The company, last month, posted a rise in quarterly sales.
- What Reliance Global Group Does: Reliance Global Group Inc operates as a holding company with diversified interests in the insurance market, as well as other related sectors.
- The Trade: Cipher Mining Inc. (NASDAQ: CIFR) Director Cary M Grossman acquired a total of 25,000 shares at an average price of $1.43. The insider spent around $35.72 thousand to buy those shares.
- What’s Happening: Cipher Mining, last month, posted Q2 adjusted loss of $0.08 per share.
- What Cipher Mining Does: Cipher Mining Inc ia an emerging technology company that operates in the Bitcoin mining ecosystem in the United States. The company is developing a cryptocurrency mining business, specializing in Bitcoin.
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Globalstar
- The Trade: Globalstar, Inc. (NYSE: GSAT) Director Benjamin Wolff acquired a total of 10,000 shares at an average price of $1.81. To acquire these shares, it cost around $18.11 thousand.
- What’s Happening: The company recently announced it will be the satellite operator for Apple (NASDAQ:AAPL) satellite-enabled services.
- What Globalstar Does: Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services.