The Dow Jones closed lower 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.

AlloVir

• The Trade: AlloVir, Inc. (NASDAQ:ALVR) 10% owner Gilead Sciences Inc acquired a total 2,930,870 shares an average price of $3.75. To acquire these shares, it cost around $10.99 million.
• What's Happening: AlloVir priced a 20 million share offering at $3.75 per share.
• What AlloVir Does: AlloVir Inc is a late clinical-stage cell therapy company. It is developing allogeneic T-cell therapies to treat and prevent devastating viral diseases.

Augusta Gold

• The Trade: Augusta Gold Corp. (OTC:AUGG) Executive Chairman Richard Warke acquired a total of 50,000 shares at an average price of $0.64. The insider spent around $32,000 to buy those shares.
• What's Happening: Augusta Gold advanced Reward Feasibility Study and issued an operational update.
• What Augusta Gold Does: Augusta Gold Corp is an exploration-stage company. The company is primarily engaged in the acquisition and exploration of gold properties.

Holley

• The Trade: Holley Inc. (NYSE:HLLY) 10% owner Edward Virtue acquired a total of 4,099 shares at an average price of $3.50. To acquire these shares, it cost around $14,343.
• What's Happening: Holley recently announced appointment of Matthew Stevenson as new President and Chief Executive Officer.
• What Holley Does: Holley Inc is a designer, marketer, and manufacturer of high-performance automotive aftermarket products, featuring a portfolio of iconic brands serving the car and truck industry.

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