The Dow Jones dropped by more than 500 points on Wednesday. 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
Medalist Diversified REIT
- The Trade: Medalist Diversified REIT, Inc. (NASDAQ: MDRR) 10% owner Susan Finley bought a total of 244,764 shares at an average price of $0.86. To acquire these shares, it cost around $211.1 thousand.
- What’s Happening: The company’s stock dropped around 20% over the past six months.
- What Medalist Diversified REIT Does: Medalist Diversified REIT Inc is engaged in the acquisition, reposition, renovation, leasing and managing of income-producing properties with a focus on commercial properties, including flex-industrial and retail properties, multi-family residential properties and hotel properties.
- The Trade: Stronghold Digital Mining, Inc. (NASDAQ: SDIG) CEO Gregory A Beard acquired a total of 602,409 shares at an average price of $1.66. The insider spent around $1 million to buy those shares.
- What’s Happening: Stronghold Digital Mining recently announced a $9 million private placement.
- What Stronghold Digital Mining Does: Stronghold Digital Mining Inc is a vertically integrated crypto asset mining company currently focused on mining Bitcoin. The company has two reporting segments; Energy Operations and Cryptocurrency Operations.
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Power Solutions International
- The Trade: Power Solutions International, Inc. (OTC: PSIX) 10% owner Neil Gagnon acquired a total of 9,850 shares at an average price of $1.80. To acquire these shares, it cost around $17.73 thousand.
- What’s Happening: Power Solutions International recently named Kenneth Li as Chief Financial Officer.
- What Power Solutions International Does: Power Solutions International Inc is an America-based company that manufactures, distributes, and services power systems that primarily run on nondiesel fuels, including natural gas, propane, and gasoline.