$5 Million Bet On SoFi Technologies? Check Out These 5 Penny Stocks Insiders Are Buying

The Dow Jones closed higher by over 100 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.

IN8bio

• The Trade: IN8bio, Inc. (NASDAQ:INAB) 10% owner BIOS Advisors GP, LLC bought a total of 75,001 shares at an average price of $2.48. To acquire these shares, it cost around $185.91 thousand.
• What’s Happening: IN8bio recently announced new data at ASH showing 100 percent of Cohort 1 patients maintained durable complete response in ongoing phase 1 Trial of INB-100.
• What IN8bio Does: IN8bio Inc is a clinical-stage biotechnology company. It is focused on developing innovative therapies for the treatment of cancers, including solid tumors, by employing allogeneic, autologous and genetically modified gamma-delta T cells.

AIkido Pharma

• The Trade: AIkido Pharma Inc. (NASDAQ:AIKI) CEO Anthony Hayes acquired a total of 5,000 shares at an average price of $3.68. The insider spent around $18.41 thousand to buy those shares.
• What’s Happening: AIkido Pharma recently announced the successful initial public offering of ASP Isotopes.
• What AIkido Pharma Does: AIkido Pharma Inc is a biotechnology company with a diverse portfolio of small-molecule anticancer and antiviral therapeutics in development.

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FreightCar America

• The Trade: FreightCar America, Inc. (NASDAQ:RAIL) Chief Commercial Officer Matthew Tonn acquired a total of 5,700 shares at an average price of $3.55. To acquire these shares, it cost around $20.21 thousand.
• What’s Happening: The company, last month, posted a narrower-than-expected quarterly loss.
• What FreightCar America Does: FreightCar America Inc is a diversified manufacturer of railcars and railcar components in North America.

SoFi Technologies

• The Trade: SoFi Technologies, Inc. (NASDAQ:SOFI) CEO Anthony Noto acquired a total of 1,134,065 shares at an average price of $4.42. The insider spent $5.01 million to buy those shares.
• What’s Happening: Morgan Stanley recently maintained SoFi Technologies with an Equal-Weight and lowered the price target from $7 to $5.
• What SoFi Technologies Does: SoFi is a financial services company that was founded in 2011 and is currently based in San Francisco.

FTC Solar

• The Trade: FTC Solar, Inc. (NASDAQ:FTCI) 10% owner South Lake One LLC acquired a total of 42,000 shares at an average price of $2.64. The insider spent $110.94 thousand to buy those shares.
• What’s Happening: FTC Solar, last month, sharply lowered its Q4 revenue forecast.
• What FTC Solar Does: FTC Solar Inc is a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services.