The Dow Jones index closed lower by around 500 points on Thursday. 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.

Cyanotech

• The Trade: Cyanotech Corporation (OTC:CYAN) Director Michael A / Davis bought a total of 10,000 shares at an average price of $0.77. To acquire these shares, it cost around $7,700.
• What's Happening: On June 26, Cyanotech reported net sales of $23,071,000 for fiscal 2024 compared to $23,178,000 in fiscal 2023.
• What Cyanotech Does: Cyanotech Corp is engaged in the production of natural products derived from microalgae for the nutritional supplements market.

RENN Fund

• The Trade: RENN Fund, Inc. (NYSE:RCG) President and CEO Murray Stahl acquired a total of 1,164 shares at an average price of $1.79. To acquire these shares, it cost around $2,084.
• What's Happening: RENN Fund shares gained around 7% over the past six months.
• What RENN Fund Does: RENN Fund Inc is active in the financial services domain.

Vivani Medical

• The Trade: Vivani Medical, Inc. (NASDAQ:VANI) Chief Business Officer Donald Dwyer acquired a total of 9,000 shares at an average price of $1.24. The insider spent around $11,120 to buy those shares. He also purchased 2,000 shares at $0.96.
• What's Happening: Vivani Medical expects to initiate the first clinical study for the NPM-115 program in Australia in the fourth quarter of 2024.
• What Vivani Medical Does: Vivani Medical Inc is a preclinical-stage biopharmaceutical company.

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