The US Federal Reserve, on Wednesday, raised its target fed funds rate by 0.25%, its first interest rate hike since 2018. 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.
Axcella Health
- The Trade: Axcella Health Inc. (NASDAQ:AXLA) 10% owner Nestle SA acquired a total of 3,141,361 shares at an average price of $1.91. To acquire these shares, it cost $6 million.
- What’s Happening: Axcella Therapeutics reported a $25 million registered direct offering.
- What Axcella Health Does: Axcella Health Inc a biotechnology company focused on treating complex diseases and improve health using endogenous metabolic modulator, or EMM, compositions.
Desktop Metal
- The Trade: Desktop Metal, Inc. (NYSE:DM) CEO Ric Fulop acquired a total of 128,850 shares at an average price of $4.08. The insider spent around $525.23 thousand to buy those shares.
- What’s Happening: Desktop Metal recently reported better-than-expected financial results and issued guidance above estimates.
- What Desktop Metal Does: Desktop Metal Inc manufactures 3-dimensional printers to make metal and carbon fiber 3D printing accessible to all engineers, designers, and manufacturers.
Also check this: Insiders Buy Around $2.8M Of 3 Stocks
Martin Midstream Partners
- The Trade: Martin Midstream Partners L.P. (NASDAQ:MMLP) Director Ruben S Martin acquired a total of 141,767 shares at an average price of $3.72. To acquire these shares, it cost around $527.52 thousand.
- What’s Happening: Martin Midstream Partners, last month, reported FY21 sales of $882.4 million.
- What Martin Midstream Partners Does: Martin Midstream Partners LP has a diverse set of operations focused in the United States Gulf Coast region.
