$7.5 Million Bet On Local Bounti? Check Out These 3 Penny Stocks Insiders Are Buying

US crude oil futures traded higher this morning on Wednesday. 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

TransAct Technologies

• The Trade: TransAct Technologies Incorporated TACT 10% owner Bryant Riley bought a total of 26,585 shares at an average price of $3.65. To acquire these shares, it cost around $97.04 thousand.
• What’s Happening: The company is scheduled to report Q3 results on November 10, 2022.
• What TransAct Technologies Does: Transact Technologies Inc develops and sells software-driven technology and printing solutions.

MacroGenics

• The Trade: MacroGenics, Inc. MGNX 10% owner BB Biotech AG acquired a total of 500,000 shares at an average price of $4.50. The insider spent around $2.25 million to buy those shares.
• What’s Happening: MacroGenics recently announced an exclusive option and collaboration agreement with Gilead Sciences to develop MGD024.
• What MacroGenics Does: Macrogenics Inc is a biotechnology company focused on discovering and developing antibody-based therapeutics for the treatment of cancer.

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Local Bounti

• The Trade: Local Bounti Corporation LOCL 10% owner Charles R Schwab acquired a total of 3,000,000 shares at an average price of $2.50. To acquire these shares, it cost around $7.5 million.
• What’s Happening: Local Bounti recently proposed an equity raise to support the continued scale-up of its organization.
• What Local Bounti Does: Local Bounti Corp is a premier controlled environment agriculture company. Its business model is based on building local facilities, operated by local teams, to deliver fresh and quality produce to local communities while maintaining a limited carbon footprint.