The Dow Jones index closed higher by around 0.2% on Monday. 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.

PodcastOne

• The Trade: PodcastOne, Inc. (NASDAQ:PODC) Director D Jonathan Merriman bought a total of 18,000 shares at an average price of $1.86. To acquire these shares, it cost around $33,500.
• What's Happening: On June 6, Litchfield Hills analyst Barry Sine initiated coverage on PodcastOne with a Buy rating and announced a price target of $5.
• What PodcastOne Does: PodcastOne Inc Formerly CourtSide Group Inc is a podcast platform and publisher that makes its content available to audiences via all podcasting distribution platforms, including its website, its PodcastOne app, Apple Podcasts, Spotify, Amazon Music, and more.

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 $0.75. To acquire these shares, it cost around $750.
• 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.

Sypris Solutions

• The Trade: Sypris Solutions, Inc. (NASDAQ:SYPR) Director Gary L Convis acquired a total of 15,000 shares at an average price of $1.68. The insider spent around $25,200 to buy those shares.
• What's Happening: On June 3, Sypris named Michael D. Sedgwick as Vice President and General Manager of Sypris Electronics, LLC.
• What Sypris Solutions Does: Sypris Solutions Inc is a USA-based company engaged in providing truck components, oil and gas pipeline components, and aerospace and defense electronics.

Alset

• The Trade: Alset Inc. (NASDAQ:AEI) CEO Heng Fai Ambrose Chan acquired a total of 6,753 shares at an average price of $1.11. The insider spent around $7,503 to buy those shares.
• What's Happening: The company's stock gained around 128% over the past month.
• What Alset Does: Alset Inc is a diversified holding company engaged through its subsidiaries in the development of EHome communities and other real estate, financial services, digital transformation technologies, biohealth activities, and consumer products with operations in the United States, Singapore, Hong Kong, Australia, and South Korea.

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