The Dow Jones index closed higher by more than 700 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.
Alpha Teknova
- The Trade: Alpha Teknova, Inc. (NASDAQ:TKNO) 10% owner Telegraph Hill Partners Management Company, LLC bought a total of 12,096,773 shares at an average price of $1.24. To acquire these shares, it cost around $15 million. The company's Chief Financial Officer bought 40,000 shares, while CEO purchased 80,645 shares of the company.
- What's Happening: On July 12, Teknova announced a $15.4 million private placement.
- What Alpha Teknova Does: Alpha Teknova Inc provides critical reagents that enable the discovery, development, and production of biopharmaceutical products such as drug therapies, novel vaccines, and molecular diagnostics.
Cyanotech
- The Trade: Cyanotech Corporation (OTC:CYAN) Director Michael A / Davis acquired a total of 10,000 shares at an average price of $0.54. To acquire these shares, it cost around $5,400.
- 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.
Blend Labs
- The Trade: Blend Labs, Inc. (NYSE:BLND) Head of Finance and Admin. Amir Jafari acquired a total of 6,666 shares at an average price of $2.54. The insider spent around $ $16,940 to buy those shares.
- What's Happening: On May 8, Blend Labs posted upbeat quarterly results.
- What Blend Labs Does: Blend Labs Inc is a cloud-based platform software platform that powers the digital interface between financial services firms and consumers.
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