$8.2 Million Bet On This Penny Stock? Check Out These 4 Penny Stocks Insiders Are Buying

The Dow Jones closed higher by more than 800 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

Great Elm Group

• The Trade: Great Elm Group, Inc. GEG 10% owner Long Ball Partners LLC bought a total of 11,601 shares at an average price of $1.99. To acquire these shares, it cost around $23.13 thousand.
• What’s Happening: The company, last month, posted a rise in quarterly sales.
• What Great Elm Group Does: Great Elm Group Inc operates as a holding company. The company operates in two business lines including durable medical equipment and investment management.

FGI Industries

• The Trade: FGI Industries Ltd. FGI Director Todd Heysse acquired a total of 6,478 shares at an average price of $2.63. The insider spent around $17.07 thousand to buy those shares.
• What’s Happening: The company, during August, posted in-line quarterly earnings.
• What FGI Industries Does: FGI Industries Ltd is a global supplier of kitchen and bath products.

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Streamline Health Solutions

• The Trade: Streamline Health Solutions, Inc. STRM Director Kenan Lucas acquired a total of 757,575 shares at an average price of $1.32. To acquire these shares, it cost around $1 million.
• What’s Happening: Streamline Health recently announced registered direct offering of common stock.
• What Streamline Health Solutions Does: Streamline Health Solutions Inc provides transformational data-driven solutions for healthcare organizations. It provides computer software-based solutions through its looking glass platform.

ESSA Pharma

• The Trade: ESSA Pharma Inc. EPIX 10% owner BB Biotech AG acquired a total of 2,000,000 shares at an average price of $4.11. The insider spent $8.22 million to buy those shares.
• What’s Happening: ESSA collaborator Janssen suspended enrollment in Phase 1 study of EPI-7386 with apalutamide or abiraterone acetate plus prednisone.
• What ESSA Pharma Does: ESSA Pharma Inc is a pharmaceutical company. The company is in the preclinical stage, focused on the development of small molecule drugs for the treatment of castration-resistant prostate cancer.