$10 Million Bet On Canoo? Check Out These 3 Stocks Under $3 Insiders Are Buying

The Nasdaq Composite closed higher by more than 100 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

OppFi

• The Trade: OppFi Inc. OPFI CEO Todd G Schwartz bought a total of 14,541 shares at an average price of $2.46. To acquire these shares, it cost around $35.81 thousand.
• 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.

NeuroPace

• The Trade: NeuroPace, Inc. NPCE 10% owner Accelmed Partners II L.P. acquired a total of 390,291 shares at at an average price of $1.50. The insider spent around $585.05 thousand to buy those shares.
• What’s Happening: The company recently reported strong quarterly results.
• What NeuroPace Does: NeuroPace, incorporated in 1997, operates as a medical device company in the United States.

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Canoo

• The Trade: Canoo Inc. GOEV Director, Executive Chairman and CEO Tony Aquila acquired a total of 9,009,009 shares at an average price of $1.11. To acquire these shares, it cost around $10 million.
• What’s Happening: The company recently posted a narrower-than-expected Q3 loss.
• What Canoo Does: Canoo, headquartered in Torrance, California, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets.