The Dow Jones went down by more than 300 points on Thursday, 09/21/2023. When people who work inside a company buy or sell its shares, it shows how confident or worried they are about the company’s future. If you’re into investing in penny stocks, you might want to think about this when making your investment decisions.
Now, let’s take a look at some recent insider transactions for penny stocks.
Eos Energy Enterprises
- The Deal: The CEO of Eos Energy Enterprises, Inc., Joe Mastrangelo, bought a total of 36,500 shares at an average price of $2.05. He spent around $74,810 on these shares.
- What’s Going On: Eos Energy Enterprises was chosen by Dominion Energy Virginia to provide 16 MWh of storage for a project to make the local electrical grid stronger.
- What Eos Energy Enterprises Does: This company creates innovative energy storage solutions using zinc for big power systems, small local grids, and businesses.
Cadiz
- The Deal: Susan Kennedy, the Executive Director of Cadiz Inc., purchased a total of 15,822 shares at an average price of $3.17. She spent about $50,156.
- What’s Going On: The company’s stock lost 8% in the past month.
- What Cadiz Does: Cadiz Inc. is a company in California that deals with land and water resources. They buy land with water sources and use it for various purposes like supplying water, storing water, and agriculture.
Fluent
- The Deal: Frost Gamma Investments Trust, which owns 10% of Fluent, Inc., bought 100,000 shares at an average price of $0.46. This purchase cost about $46,000.
- What’s Going On: Fluent had lower-than-expected sales in the last quarter.
- What Fluent Does: Fluent Inc. is a company that uses data to run digital marketing services. They help companies find new customers through digital advertising.
Nuvation Bio
- The Deal: Biotech Opportunity GP, LLC, a director at Nuvation Bio Inc., purchased a whopping 5,313,100 shares at an average price of $1.26. They spent $6.69 million to get these shares.
- What’s Going On: Nuvation Bio posted a smaller loss in the last quarter than what was expected.
- What Nuvation Bio Does: Nuvation Bio Inc. is a biopharmaceutical company that’s working on new and unique treatments for cancer where there aren’t good options available yet.
