The Nasdaq Composite dipped by more than 600 points on Tuesday. Investors, meanwhile, focused on some notable insider trades.
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.3
Energy Services of America
- The Trade: Energy Services of America Corporation (NASDAQ:ESOA) Director Marshall Reynolds bought a total of 10,000 shares at an average price of $3.22. To acquire these shares, it cost around $32.2 thousand.
- What’s Happening: Energy Services of America, last month, posted Q2 EPS of $0.10.
- What Energy Services of America Does: Energy Services of America Corporation is engaged in providing contracting services for energy-related companies.
Charah Solutions
- The Trade: Charah Solutions, Inc. (NYSE:CHRA) CFO and Treasurer Roger Shannon acquired a total of 2,500 shares at an average price of $2.85. The insider spent around $7.13 thousand to buy those shares.
- What’s Happening: Charah Solutions recently cut its FY22 revenue guidance.
- What Charah Solutions Does: Charah Solutions Inc is a national service provider of mission-critical environmental services and byproduct sales to the power generation industry.
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INNOVATE
- The Trade: INNOVATE Corp (NYSE:VATE) Director Brian Steven Goldstein acquired a total of 10,000 shares at an average price of $1.45. To acquire these shares, it cost around $14.5 thousand.
- What’s Happening: The company, last month, posted Q2 results.
- What INNOVATE Does: Innovate Corp is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments which include Infrastructure, Life Sciences and Spectrum.
Barnwell Industries
- The Trade: Barnwell Industries, Inc. (NYSE:BRN) 10% owner Ned L. Sherwood Revocable Trust acquired a total of 134,590 shares at an average price of $2.94. The insider spent $396.28 thousand to buy those shares.
- What’s Happening: Barnwell Industries reported the sale of drilling rig for net consideration of approximately $550,000.
- 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.
