U.S. oil futures traded higher this morning 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.3

PEDEVCO

• The Trade: PEDEVCO Corp. (NYSE:PED) 10% owner SK Energy LLC bought a total of 187,648 shares at an average price of $0.98. To acquire these shares, it cost around $184.27 thousand.
• What's Happening: Pedevco, last month, posted Q2 EPS of $0.04.
• What PEDEVCO Does: PEDEVCO Corp is an energy company. It is engaged in the acquisition, exploration, development, and production of oil and natural gas shale plays in the Denver-Julesberg Basin (D-J Basin) in Colorado.

eFFECTOR Therapeutics

• The Trade: eFFECTOR Therapeutics, Inc. (NASDAQ:EFTR) Director Christopher B Ehrlich acquired a total of 18,867 shares at an average price of $0.55. The insider spent around $10.38 thousand to buy those shares.
• What's Happening: eFFECTOR Therapeutics recently said it dosed first patient in second cohort of Phase 1b clinical trial of Zotatifin for the treatment of COVID-19.
• What eFFECTOR Therapeutics Does: eFFECTOR Therapeutics Inc is a clinical-stage biopharmaceutical company focused on pioneering the development of a new class of oncology drugs referred to as selective translation regulator inhibitors (STRIs).

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Aspen Group

• The Trade: Aspen Group, Inc. (NASDAQ:ASPU) Director Douglas Kass acquired a total of 61,500 shares at an average price of $0.42. To acquire these shares, it cost around $25.82 thousand.
• What's Happening: Aspen Group recently posted Q1 loss of $0.15 per share.
• What Aspen Group Does: Aspen Group Inc is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.