A $5 million bet on SoFi technologies? Check Out These 5 Penny Stocks Insiders Are Buying

The Dow Jones closed up more than 100 points on Tuesday. Investors, meanwhile, focused on some notable insider trading.

When insiders buy or sell stocks, it indicates confidence or concern about the prospects of the company. Investors and traders interested in penny stocks may consider this as a factor in their overall investment or trading decision.

Below is an overview of some recent notable insider trades for penny stocks. For more information, see Benzinga's insider trading platform.

IN8bio The Trade: IN8bio, Inc. BIOS Advisors GP, LLC, 10% owner of INAB, bought a total of 75,001 shares at an average price of $2.48. To acquire these shares, it cost approximately 185.91 thousand dollars. What's Happening: IN8bio recently announced new data at ASH showing that 100% of Cohort 1 patients maintained a durable complete response in the ongoing Phase 1 trial of INB-100. What IN8bio does: IN8bio Inc is a clinical-stage biotechnology company. He focuses on the development of innovative therapies for the treatment of cancers, including solid tumors, using allogeneic, autologous and genetically modified gamma-delta T cells. AIkido Pharma The Trade: AIkido Pharma Inc. AIKI CEO Anthony Hayes acquired a total of 5,000 shares at an average price of $3.68. The insider spent approximately $18.41 thousand to purchase these shares. What's happening: AIkido Pharma recently announced the successful IPO of ASP Isotopes. What AIkido Pharma does: AIkido Pharma Inc is a biotechnology company with a diverse portfolio of anticancer and antiviral small molecules in development.

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FreightCar America The Trade: FreightCar America, Inc. RAIL's 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 approximately 20.21 thousand dollars. What's going on ? Last month, the company posted a lower-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. 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 these shares. What's happening: Morgan Stanley recently kept SoFi Technologies with equal weight and lowered the price target from $7 to $5. What SoFi Technologies does: SoFi is a financial services company founded in 2011 and currently based in San Francisco. CTF Solar