The Dow Jones index closed lower by more than 100 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.

CarParts.com

• The Trade: CarParts.com, Inc. (NASDAQ:PRTS) Director Jim Barnes bought a total of 94,000 shares at an average price of $1.10. To acquire these shares, it cost around $103,400.
• What's Happening: On May 7, CarParts.com posted downbeat quarterly results.
• What CarParts.com Does: CarParts.com Inc is an online provider of automotive aftermarket parts and repair information.

Phio Pharmaceuticals

• The Trade: Phio Pharmaceuticals Corp. (NASDAQ:PHIO) President and CEO Robert J Bitterman acquired a total of 1,000 shares at an average price of $0.74. To acquire these shares, it cost around $740.
• What's Happening: On May 17, Phio Pharmaceuticals files for mixed shelf of upto $100 million.
• What Phio Pharmaceuticals Does: Phio Pharmaceuticals Corp is a clinical-stage biotechnology company whose proprietary INTASYL self-delivering RNAi technology platform is designed to make immune cells more effective in killing tumor cells.

FlexShopper

• The Trade: FlexShopper, Inc. (NASDAQ:FPAY) Director Howard Dvorkin acquired a total of 90,921 shares at an average price of $1.13. The insider spent around $102,446 to buy those shares.
• What's Happening: On May 13, FlexShopper posted upbeat quarterly sales.
• What FlexShopper Does: FlexShopper Inc is a financial technology company engaged in providing certain types of durable goods to consumers on a lease-to-own basis and providing lease-to-own (LTO) terms to consumers of third-party retailers and e-tailers.