The Dow Jones index closed higher by over 400 points on Wednesday. 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.

NextNav

The Trade: NextNav Inc. ( NN ) 10% owner Joseph D Samberg acquired a total of 483,000 shares an average price of $4.52. To acquire these shares, it cost around $2.18 million. The company's Director Neil S Subin also bought 150,000 shares of the company.

What's Happening: On March 13, NextNav ( NN ) reported worse-than-expected fourth-quarter GAAP EPS results.

What NextNav Does: NextNav Inc ( NN ) provides GPS service. The company NextNav TerraPoiNT system keeps critical infrastructure resilient with reliable Position, Navigation and Timing services in the absence of GPS.

Eyenovia

The Trade: Eyenovia, Inc. ( EYEN ) 10% owner Stuart M. Grant acquired a total of 50,000 shares at at an average price of $1.23. To acquire these shares, it cost around $61,500.00.

What's Happening: On March 18, Eyenovia ( EYEN ) reported worse-than-expected fourth-quarter financial results.

What Eyenovia Does: Eyenovia Inc ( EYEN ) is a clinical stage ophthalmic company developing a pipeline of therapeutics based on its propriety array print (MAP) platform technology.

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Ovid Therapeutics

The Trade: Ovid Therapeutics Inc. ( OVID ) CEO Jeremy M Levin acquired a total of 18,248 shares at an average price of $2.76. The insider spent around $50,365 to buy those shares.

What's Happening: On March 8, Ovid Therapeutics ( OVID ) posted upbeat quarterly sales.

What Ovid Therapeutics Does: Ovid Therapeutics Inc ( OVID ) is a biopharmaceutical company that is dedicated to reducing seizures and meaningfully improving the lives of people affected by rare epilepsies and seizure-related neurological disorders.

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