The Dow Jones index closed lower by more than 600 points on Tuesday. 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.

Encision

• The Trade: Encision Inc. (OTC:ECIA) Director Robert H Fries bought a total of 35,000 shares at an average price of $0.37. To acquire these shares, it cost around $12,880.
• What's Happening: On Aug. 21, Encision signed a Master Services agreement with Vicarious Surgical Inc.
• What Encision Does: Encision Inc is a medical device company. The company develops and markets technology that provides unprecedented outcomes and patient safety in minimally invasive surgery.

ThredUp

• The Trade: ThredUp Inc. (NASDAQ:TDUP) Director Jack R Lazar acquired a total of 10,000 shares at an average price of $0.91. To acquire these shares, it cost around $9,140.
• What's Happening: On Aug. 5, ThredUp reported worse-than-expected second-quarter financial results and issued FY24 revenue guidance below estimates.
• What ThredUp Does: ThredUp Inc is an online resale platform for women and kids apparel, shoes, and accessories.

Socket Mobile

• The Trade: Socket Mobile, Inc. (NASDAQ:SCKT) Director Charlie Bass acquired a total of 20,000 shares at an average price of $1.20. The insider spent around $24,021 to buy those shares.
• What's Happening: On July 31, Socket Mobile posted a wider-than-expected quarterly loss.
• What Socket Mobile Does: Socket Mobile Inc is a producer of data capture products.

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