Benzinga - The Nasdaq Composite closed higher by around 150 points on Tuesday. 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
MoneyLion
- The Trade: MoneyLion Inc. (NYSE: ML) CEO, President and Director Diwakar Choubey bought a total of 100,000 shares at an average price of $0.68. To acquire these shares, it cost around $67.78 thousand.
- What’s Happening: The company recently posted downbeat quarterly sales.
- What MoneyLion Does: MoneyLion, headquartered in New York, provides a digital financial platform.
Porch Group
- The Trade: Porch Group, Inc. (NASDAQ: PRCH) Director, CEO, CHAIRMAN AND FOUNDER Matt Ehrlichman acquired a total of 256,949 shares at at an average price of $1.59. The insider spent around $409.64 thousand to buy those shares.
- What’s Happening: Porch Group recently lowered FY22 sales guidance.
- What Porch Group Does: Porch Group Inc provides vertical software platforms and services to home service industries.
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Millennium Sustainable Ventures
- The Trade: Millennium Sustainable Ventures Corp. (OTC: MILC) Director Roger S Greene acquired a total of 7,000 shares at an average price of $0.34. To acquire these shares, it cost around $2.35 thousand.
- What’s Happening: The company’s stock tumbled 73% over the past month.
- What Millennium Sustainable Ventures Does: Millennium Sustainable Ventures Corp, domiciled in the United States, is a close-ended investment company.
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Gelesis Holdings
- The Trade: Gelesis Holdings, Inc. (NYSE: GLS) Director Raju Kucherlapati acquired a total of 100,000 shares at an average price of $0.45. The insider spent $44.52 thousand to buy those shares.
- What’s Happening: The company recently reported a rise in quarterly sales.
- What Gelesis Holdings Does: Gelesis Holdings, headquartered in Boston, Massachusetts, is a commercial stage biotherapeutics company.