Several notable insider transactions were recently observed in penny stocks. Sherwood Revocable Trust, a 10% owner of Barnwell Industries, purchased a significant number of shares at $2.80 per share. This transaction indicates the insider’s confidence in the company’s prospects. Barnwell Industries is involved in the acquisition, development, production, and sale of oil and natural gas.
Secondly, Mobile Infrastructure Corporation’s CEO, Manuel Chavez III, acquired shares at $3.39 each. This insider purchase suggests that the CEO believes in the company’s future growth potential. Mobile Infrastructure is expected to release its first-quarter 2024 earnings results on May 15, 2024.
Finally, Galectin Therapeutics Inc.’s Director, Kevin D Freeman, bought shares at an average price of $2.98 per share. HC Wainwright & Co. analyst recently reiterated a ‘Buy’ rating for Galectin Therapeutics with a price target of $11. This positive analyst coverage could be a contributing factor to the insider’s purchase.
Overall, these insider transactions provide valuable insights into the confidence of company insiders regarding their respective companies’ prospects. Investors considering penny stocks may want to consider these transactions as a factor in their investment decision-making process.
