$3M Bet On This Technology Stock? Check Out These 4 Penny Stocks Insiders Are Aggressively Buying

The Dow Jones closed lower by over 100 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.

authID

• The Trade: authID Inc. AUID 10% owner Stephen Jeffrey Garchik acquired a total 6,465,612 shares an average price of $0.47. To acquire these shares, it cost around $3.02 million.
• What’s Happening: AuthID posted a narrower first-quarter loss.
• What authID Does: AuthID Inc is a provider of an Identity as a Service (IDaaS) platform that delivers a suite of secure, mobile, biometric identity solutions.

Altus Power

• The Trade: Altus Power, Inc. AMPS Director, Co-Founder, Co-CEO, Co-President Gregg Felton acquired a total of 22,500 shares at an average price of $4.49. The insider spent around $101.13 thousand to buy those shares.
• What’s Happening: Altus Power reported better-than-expected first-quarter financial results.
• What Altus Power Does: Altus Power Inc is a renewable energy generation company focused on the commercial and industrial, public sector, and community solar customers.

SpringBig Holdings

• The Trade: SpringBig Holdings, Inc. SBIG Director Jonathan Trauben acquired a total of 97,318 shares at an average price of $0.30. To acquire these shares, it cost around $28.89 thousand.
• What’s Happening: SpringBig Holdings priced a $4 million offering.
• What SpringBig Holdings Does: SpringBig Holdings Inc is a software platform providing customer loyalty and marketing automation solutions to cannabis retailers and brands in the U.S. and Canada.

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HCW Biologics

• The Trade: HCW Biologics Inc. HCWB CFO Rebecca Byam acquired a total of 40,000 shares at an average price of $1.64. The insider spent $65.54 thousand to buy those shares.
• What’s Happening: HCW Biologics posted an in-line loss for its first quarter
• What HCW Biologics Does: HCW Biologics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen the health span by disrupting the link between chronic, low-grade inflammation and age-related diseases.