The Dow Jones closed almost flat 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.

Aziyo Biologics

• The Trade: Aziyo Biologics, Inc. (NASDAQ:AZYO) Director Kevin Rakin bought a total of 735,000 shares at an average price of $4.75. To acquire these shares, it cost around $3.49 million.
• What's Happening: Aziyo Biologics recently announced pricing of an $11.2 million public offering of common stock.
• What Aziyo Biologics Does: Aziyo Biologics Inc is a commercial-stage regenerative medicine company focused on creating the next generation of differentiated products and improving outcomes in patients undergoing surgery, concentrating on patients receiving implantable medical devices.

Genius Brands International

• The Trade: Genius Brands International, Inc. (NASDAQ:GNUS) Director Cynthia Turner-Graham acquired a total of 5,000 shares at an average price of $0.73. The insider spent around $3.67 thousand to buy those shares.
• What's Happening: The company, last month, posted a sharp rise in quarterly sales.
• What Genius Brands International Does: Genius Brands International Inc is a kids media company. It is engaged in developing, producing, marketing, and licensing branded children's entertainment properties and consumer products for media and retail distribution.

Investor Sentiment Drops Further After S&P 500 Falls For Fifth Session

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Redwire

• The Trade: Redwire Corporation (NYSE:RDW) Director John Bolton acquired a total of 43,839 shares at an average price of $2.01. To acquire these shares, it cost around $88.12 thousand.
• What's Happening: The company, last month, said revenue increased 14.0% to $37.2 million for the three months ended September 30, 2022.
• What Redwire Does: Redwire Corp is engaged in mission-critical space solutions and reliable components for the next generation space economy, with IP for solar power generation and in-space 3D printing and manufacturing.