Ocean Power Technologies And 3 Other Stocks Under $1 Insiders Are Buying

The Dow Jones closed slightly higher on Monday. 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.

SpringBig Holdings

• The Trade: SpringBig Holdings, Inc. SBIG CFO Paul Sykes acquired a total of 28,607 shares an average price of $0.16. To acquire these shares, it cost around $4,605.
• What’s Happening: SpringBig Holdings posted downbeat quarterly results.
• 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.

Ocean Power Technologies

• The Trade: Ocean Power Technologies, Inc. OPTT President and CEO Philipp Stratmann acquired a total of 12,115 shares at an average price of $0.41. The insider spent around $4,999.
• What’s Happening: Ocean Power Techs posted a wider first-quarter loss.
• What Ocean Power Technologies Does: Ocean Power Technologies Inc provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets.

Cingulate

• The Trade: Cingulate Inc. CING Corporate Controller Jennifer L Callahan acquired a total of 5,000 shares at an average price of $0.67. To acquire these shares, it cost around $3,349.
• What’s Happening: Cingulate priced its $4-million public offering at around 58 cents per share and accompanying warrants.
• What Cingulate Does: Cingulate Inc is a clinical stage biopharmaceutical company utilizing its proprietary precision timed release drug delivery platform to build and advance a pipeline of next-generation pharmaceutical products designed to improve the lives of patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes.

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Vivani Medical

• The Trade: Vivani Medical, Inc. VANI Director Gregg Williams acquired a total of 101,779 shares at an average price of $0.96. The insider spent $97,357 to buy those shares.
• What’s Happening: Vivani Medical posted a wider-than-expected quarterly loss.
• What Vivani Medical Does: Vivani Medical Inc is a preclinical stage biopharmaceutical company. It develops miniaturized, subdermal implants utilizing its proprietary NanoPortal technology to enable long-term, near constant-rate delivery of a broad range of medicines to treat chronic diseases.