$3 Million Bet On This Communication Services Stock? Check Out These 4 Penny Stocks Insiders Are Buying

The Dow Jones dropped more than 290 points on Friday. 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

Nextdoor Holdings

• The Trade: Nextdoor Holdings, Inc. KIND Director David Sze bought a total of 900,000 shares at an average price of $3.35. To acquire these shares, it cost around $3.02 million.
• What’s Happening: Nextdoor Holdings recently reported worse-than-expected Q2 results and issued weak guidance.
• What Nextdoor Holdings Does: Nextdoor Holdings Inc is the platform to connect to the neighborhoods.

BARK

• The Trade: BARK, Inc. BARK Director David Kamenetzky acquired a total of 91,832 shares at an average price of $2.47. The insider spent around $226.56 thousand to buy those shares.
• What’s Happening: Bark filed prospectus related to issuance by company of up to 4.6 million shares of common stock.
• What BARK Does: BARK Inc is a dog-centric company, devoted to making dogs happy with the products, services, and content.

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Cumberland Pharmaceuticals

• The Trade: Cumberland Pharmaceuticals Inc. CPIX Director Joseph C Galante acquired a total of 2,125 shares at an average price of $2.31. To acquire these shares, it cost around $4.91 thousand.
• What’s Happening: Cumberland recently posted a Q2 loss of $0.01 per share.
• What Cumberland Pharmaceuticals Does: Cumberland Pharmaceuticals Inc is a specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription pharmaceutical products.

OppFi

• The Trade: OppFi Inc. OPFI CEO Todd G Schwartz acquired a total of 15,930 shares at an average price of $2.57. The insider spent $41.01 thousand to buy those shares.
• What’s Happening: The company recently posted upbeat quarterly results.
• What OppFi Does: OppFi Inc is a financial technology platform that powers banks to help the everyday consumer gain access to credit.