Around $30 Million Bet On This Communication Services Stock? 4 Penny Stocks Insiders Are Buying

The Dow Jones gained by more than 300 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

MediaCo Holding

• The Trade: MediaCo Holding Inc. MDIA 10% owner Soohyung Kim bought a total of 12,899,480 shares at an average price of $2.32. To acquire these shares, it cost around $29.87 million.
• What’s Happening: The company’s stock tumbled around 65% over the past six months.
• What MediaCo Holding Does: MediaCo Holding Inc is a radio broadcasting media company. It has two radio stations, WQHT-FM and WBLS-FM, which serve the New York City metropolitan area.

MarketWise

• The Trade: MarketWise, Inc. MKTW 10% owner Porter Frank Stansberry acquired a total of 706,249 shares at an average price of $2.67. The insider spent around $1.88 million to buy those shares.
• What’s Happening: MarketWise is expected to releas its second quarter 2022 financial results on Monday, August 8, 2022.
• What MarketWise Does: Marketwise Inc is a multi-brand subscription services platform providing premium financial research, software, education, and tools for investors.

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Galectin Therapeutics

• The Trade: Galectin Therapeutics Inc. GALT Director Richard Zordani Jr acquired a total of 5,000 shares at an average price of $2.50. To acquire these shares, it cost around $12.5 thousand.
• What’s Happening: Galectin Therapeutics recently entered into a $60 million unsecured line of credit facility with its chairman, Richard E. Uihlein.
• What Galectin Therapeutics Does: Galectin Therapeutics Inc is a clinical-stage biopharmaceutical company. The company focuses on drug research and development to create new therapies for fibrotic disease, cancer, and selected other diseases.

MJ Holdings

• The Trade: MJ Holdings, Inc. MJNE Chief Cultivation Officer Paris Balaouras acquired a total of 10,000 shares at an average price of $0.25. The insider spent $2.5 thousand to buy those shares.
• What’s Happening: MJ Holdings recently said it has acquired MJH Research, Inc.
• What MJ Holdings Does: MJ Holdings Inc engages in the provision of consulting and operating services to the regulated cannabis industry.