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The Dow Jones index closed higher by more than 200 points on Wednesday. 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.

LuxUrban Hotels

• The Trade: LuxUrban Hotels Inc. (NASDAQ:LUXH) CFO Michael C James bought a total of 352,941 shares at an average price of $0.17. To acquire these shares, it cost around $60,000. LuxUrban's other Directors also bought shares of the company.
• What's Happening: On July 16, LuxUrban Hotels announced the closing of public offering of securities.
• What LuxUrban Hotels Does: LuxUrban Hotels Inc utilizes a long term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in metropolitan cities.

Tecogen

• The Trade: Tecogen Inc. (OTC:TGEN) Director Earl R Lewis acquired a total of 10,000 shares at an average price of $0.68. To acquire these shares, it cost around $6,800.
• What's Happening: On May 8, Tecogen reported revenues of $6.2 million and net loss of $1.1 million for the quarter ended March 31.
• What Tecogen Does: Tecogen Inc, designs, manufactures, markets, and maintains high-efficiency, ultra-clean cogeneration products. It operates in three business segments, namely Products, Services, and Energy Production.

PodcastOne

• The Trade: PodcastOne, Inc. (NASDAQ:PODC) Director D Jonathan Merriman acquired a total of 28,000 shares at an average price of $1.56. The insider spent around $43,680 to buy those shares.
• What's Happening: On July 16, PodcastOne said it sees quarterly revenue of $13 million for the first quarter.
• What PodcastOne Does: PodcastOne Inc is a podcast platform and publisher that makes its content available to audiences via all podcasting distribution platforms, including its website, its PodcastOne app, Apple Podcasts, Spotify, Amazon Music, and more.

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