The Dow Jones settled lower by over 350 points on Wednesday. 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.

Red Cat Holdings

• The Trade: Red Cat Holdings, Inc. (NASDAQ:RCAT) Director, Chairman of the Board, CEO Jeffrey M Thompson bought a total of 2,000 shares at an average price of $0.84. To acquire these shares, it cost around $1.69 thousand.
• What’s Happening: Red Cat recently reported wider-than-expected quarterly loss.
• What Red Cat Holdings Does: Red Cat Holdings Inc provides products, services, and solutions to the drone industry.

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