$55M Bet On Archer Aviation? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying

The Dow Jones index closed lower by around 0.1% 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.

Allied Gaming & Entertainment

• The Trade: Allied Gaming & Entertainment Inc. AGAE 10% owner Knighted Pastures LLC bought a total of 360,000 shares at an average price of $1.27. To acquire these shares, it cost around $456,750.
• What's Happening: Allied Gaming & Entertainment, on June 15, entered into a termination agreement with Elite Fun Entertainment Limited and its affiliates.
• What Allied Gaming & Entertainment Does: Allied Gaming & Entertainment Inc is an experiential entertainment company focused on providing a growing world of gamers with various experiences through renowned assets, products, and services.

Archer Aviation

• The Trade: Archer Aviation Inc. ACHR 10% owner SFS UK 1 LTD. acquired a total of 17,401,153 shares at an average price of $3.16. To acquire these shares, it cost around $55 million.
• What's Happening: On July 2, Archer Aviation announced it received an additional $55 million investment from Stellantis following its recent flight test milestone.
• What Archer Aviation Does: Archer Aviation Inc advances the benefits of sustainable air mobility. The company is engaged in designing and developing a fully electric vertical takeoff and landing eVTOL aircraft for use in UAM networks.

Tempest Therapeutics

• The Trade: Tempest Therapeutics, Inc. TPST Chief Medical Officer Samuel Whiting acquired a total of 4,672 shares at an average price of $2.13. The insider spent around $9,951 to buy those shares.
• What's Happening: On June 20, The company announced data from the ongoing global randomized Phase 1b/2 clinical study for amezalpat2.
• What Tempest Therapeutics Does: Tempest Therapeutics Inc is a late-stage develpment biotechnology company developing small molecule therapeutics to treat cancer through mechanisms that directly kill tumor cells and activate tumor-specific immunity.

Read More: Top 3 Health Care Stocks That May Crash This Quarter