$7.5 Million Bet On This Biotechnology Stock? Check Out These 4 Penny Stocks Insiders Are Buying

The Dow Jones jumped by more than 500 points on Wednesday following inflation data for July. 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

Sonim Technologies

• The Trade: Sonim Technologies, Inc. SONM 10% owner AJP Holding Company LLC bought a total of 5,534,881 shares at an average price of $0.84. To acquire these shares, it cost around $4.65 million.
• What’s Happening: The company, last month, announced the launch of its XP5plus on AT&T.
• What Sonim Technologies Does: Sonim Technologies Inc is a provider of ultra-rugged mobile devices, including phones and accessories designed specifically for task workers physically engaged in their work environments, often in mission-critical roles.

BitNile Holdings

• The Trade: BitNile Holdings, Inc. NILE Executive Chairman Milton C. Ault III acquired a total of 1,200,000 shares at an average price of $0.33. The insider spent around $399.96 thousand to buy those shares.
• What’s Happening: Bitnile Holdings reported a 9.96% stake in HTG Molecular Diagnostics as of July 26 in a 13D Filing.
• What BitNile Does: BitNile Holdings Inc is a diversified holding company owning subsidiaries engaged in commercial and defence solutions, commercial lending, and data centre operations in North America, Europe, the Middle East, and internationally.

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Astra Space

• The Trade: Astra Space, Inc. ASTR Director Michael Lehman acquired a total of 100,000 shares at an average price of $1.34. To acquire these shares, it cost around $134.26 thousand.
• What’s Happening: Astra Space recently announced it will pause additional flights for the remainder of 2022 and said commercial launches in 2023 are dependent on the success of the company's test flights.
• What Astra Space Does: Astra Space Inc is a technology company that provides space services, including satellite launch services and other space services, based on a proprietary, vertically integrated technology platform.

Poseida Therapeutics

• The Trade: Poseida Therapeutics, Inc. PSTX 10% owner Malin Life Sciences Holdings Ltd acquired a total of 2,150,000 shares at an average price of $3.50. The insider spent $7.53 million to buy those shares.
• What’s Happening: Poseida Therapeutics recently priced a 20 million share common stock offering at $3.50 per share.
• What Poseida Therapeutics Does: Poseida Therapeutics Inc is a clinical-stage biopharmaceutical company focused on leveraging non-viral gene engineering technologies to create life-saving therapeutics for patients with a high unmet medical need.