Applied Blockchain And 2 Other Penny Stocks Insiders Are Aggressively Buying

The Nasdaq index dropped by more than 200 points 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

Applied Blockchain

• The Trade: Applied Blockchain, Inc. APLD CEO, Chairman Wes Cummins bought a total of 60,000 shares at an average price of $2.16. To acquire these shares, it cost around $129.6 thousand.
• What’s Happening: The company recently posted a narrower-than-expected quarterly loss.
• What Applied Blockchain Does: Applied Blockchain Inc is an Ethereum and altcoin mining company.

Metacrine

• The Trade: Metacrine, Inc. MTCR 10% owner Braden Michael Leonard acquired a total of 1,262,166 shares at an average price of $0.35. The insider spent around $443.1 thousand to buy those shares.
• What’s Happening: Equillium, last month, agreed to acquire Metacrine Inc in an all-stock transaction.
• What Metacrine Does: Metacrine Inc is a clinical-stage biopharmaceutical company focused on discovering and developing differentiated therapies for patients with liver and gastrointestinal diseases.

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Video River Networks

• The Trade: Video River Networks, Inc. NIHK President and CEO Frank Igwealor acquired a total of 100,000 shares at an average price of $0.02. To acquire these shares, it cost around $1.99 thousand.
• What’s Happening: The company’s stocks dropped 34% over the past six months.
• What Video River Networks Does: Video River Networks Inc is a specialty real estate holding company.