The Dow Jones index closed higher by around 150 points on Friday. 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.

Barnwell Industries

• The Trade: Barnwell Industries, Inc. (NYSE:BRN) 10% owner Ned L. Sherwood Revocable Trust bought a total of 38,324 shares at an average price of $2.76. To acquire these shares, it cost around $105,773.
• What's Happening: On Feb. 20, Barnwell Industries announced a planned CEO succession.
• 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.

IZEA Worldwide

• The Trade: IZEA Worldwide, Inc. (NASDAQ:IZEA) 10% owner GP Cash Management, Ltd. acquired a total of 101,337 shares at an average price of $2.67. To acquire these shares, it cost around $271,059.
• What's Happening: On April 1, IZEA Worldwide posted downbeat quarterly results.
• What IZEA Worldwide Does: IZEA Worldwide Inc is a create economy, specializing in providing software solutions and professional services that connect brands with a broad spectrum of social influencers and content creators.

Earth Science Tech

• The Trade: Earth Science Tech, Inc. (NASDAQ:ETST) Director Yovan Arturo Sanchez acquired a total of 92,530 shares at an average price of $0.06. The insider spent around $5,459 to buy those shares.
• What's Happening: On Jan. 29, Earth Science Tech announced a $5 million common stock repurchase program.
• What Earth Science Tech Does: Earth Science Tech Inc is a diversified holding company. Currently, the company is focused on emerging prospects in the health and wellness industry.