The Dow Jones index closed higher by over 475 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.

Retractable Technologies

• The Trade: Retractable Technologies, Inc. (NYSE:RVP) President and CEO Thomas J Shaw acquired a total of 5,096 shares an average price of $1.18. To acquire these shares, it cost around $6,024.
• What's Happening: On Nov. 14, Retractable Technologies reported that its loss from operations was $8.7 million for the first nine months of 2023.
• What Retractable Technologies Does: Retractable Technologies Inc designs, develops, manufactures, and markets safety syringes and other safety medical products for the healthcare profession.

Citizens

• The Trade: Citizens, Inc. (NYSE:CIA) Director James Keith Morgan acquired a total of 5,899 shares at at an average price of $2.11. To acquire these shares, it cost around $12,469.
• What's Happening: On March 18, Citizens, named Jon Stenberg as President of Citizens.
• What Citizens Does: Citizens Inc is an insurance holding company serving the life insurance needs of individuals in the United States.

Journey Medical

• The Trade: Journey Medical Corporation (NASDAQ:DERM) Director Lindsay A MD Rosenwald acquired a total of 10,000 shares at an average price of $3.04. The insider spent around $30,400 to buy those shares.
• What's Happening: On March 21, Journey Medical posted a profit for the fourth quarter.
• What Journey Medical Does: Journey Medical Corp is a commercial-stage pharmaceutical company focused on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions.

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