Over $1M Bet On This Basic Materials Stock? Check Out These 4 Penny Stocks Insiders Are Aggressively Buying

The Dow Jones closed lower by more than 200 points 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.

Trilogy Metals

• The Trade: Trilogy Metals Inc. TMQ 10% owner ESOF GP Ltd. acquired a total 2,181,818 shares an average price of $0.55. To acquire these shares, it cost around $1.2 million.
• What’s Happening: Trilogy Metals reported $3.22 million private placement financing with major shareholders to issues 5,854,545 shares of common stock at a price of $0.55 per share.
• What Trilogy Metals Does: Trilogy Metals Inc is an exploration stage company engaged in mineral exploration.

Fomo Worldwide

• The Trade: Fomo Worldwide, Inc. FOMC CEO, Director Vikram P Grover acquired a total of 8,382,148 shares at an average price of $0.13. The insider spent around $1.07 million to buy those shares.
• What’s Happening: Fomo Worldwide agreed to acquire Business Media Solutions, Inc., a provider of online learning, digital marketing, education content, and platform management services.
• What Fomo Worldwide Does: Fomo Worldwide Inc is focused on business incubation and acceleration. It invests in and advises emerging companies.

Noodles & Company

• The Trade: Noodles & Company NDLS 10% owner Thomas Lynch acquired a total of 117,139 shares at an average price of $4.89. To acquire these shares, it cost around $572.75 thousand.
• What’s Happening: Noodles posted upbeat Q4 results.
• What Noodles & Company Does: Noodles & Co is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry.

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Barnwell Industries

• The Trade: Barnwell Industries, Inc. BRN Director Joshua Horowitz acquired a total of 20,244 shares at an average price of $2.69. The insider spent $54.51 thousand to buy those shares.
• What’s Happening: Barnwell Industries posted Q1 EPS of $0.11.
• What Barnwell Industries Does: Barnwell Industries Inc is an oil and gas firm. Its areas of operations include acquiring, developing, producing, and selling oil and natural gas.

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