The Dow Jones index closed lower by around 10 points on Monday. 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.

Citizens

The Trade: Citizens, Inc. ( CIA ) Director Terry Sam Maness acquired a total of 1,000 shares an average price of $2.14. To acquire these shares, it cost around $2,137.

What's Happening: On March 18, Citizens, named Jon Stenberg as President of Citizens.

What Citizens Does: Citizens Inc ( CIA ) is an insurance holding company serving the life insurance needs of individuals in the United States.

Tecogen

The Trade: Tecogen Inc. ( TGEN ) Director John Hatsopoulos acquired a total of 1,000 shares at at an average price of $0.70. To acquire these shares, it cost around $700.

What's Happening: On March 13, Tecogen ( TGEN ) reported revenues of $5.9 million and a net loss of $1.8 million for the quarter ended Dec. 31, 2023.

What Tecogen Does: Tecogen Inc ( TGEN ), designs, manufactures, markets, and maintains high-efficiency, ultra-clean cogeneration products. It operates in three business segments, namely Products, Services, and Energy Production.

Check This Out: Neogen, Maxeon Solar Technologies And 3 Stocks To Watch Heading Into Tuesday

Silo Pharma

The Trade: Silo Pharma, Inc. ( SILO ) CEO and President Eric Weisblum acquired a total of 1,000 shares at an average price of $1.99. The insider spent around $1,988 to buy those shares.

What's Happening: Silo Pharma ( SILO ) approved extension of previously announced stock repurchase program authorizing purchase of up to $1 million common stock until April 30.

What Silo Pharma Does: SILO Pharma Inc ( SILO ) is a developmental stage biopharmaceutical company developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions, and central nervous system (CNS) diseases.

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