The Dow Jones jumped by more than 500 points 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

Loop Media

• The Trade: Loop Media, Inc. (NYSE:LPTV) Director Bruce Cassidy Sr bought a total of 1,094,250 shares at an average price of $4.42. To acquire these shares, it cost around $4.84 million.
• What's Happening: Loop Media recently announced the pricing of its initial public offering of 2.4 million shares at $5 per share.
• What Loop Media Does: Loop Media Inc is a streaming media company focused on premium short-form video.

Great Elm Group

• The Trade: Great Elm Group, Inc. (NASDAQ:GEG) 10% owner BC Advisors LLC acquired a total of 111,334 shares at an average price of $1.99. The insider spent around $221.46 thousand to buy those shares.
• What's Happening: Great Elm Group recently posted Q4 sales of $18.10 million.
• What Great Elm Group Does: Great Elm Group Inc operates as a holding company. The company operates in two business lines including durable medical equipment and investment management.

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Mullen Automotive

• The Trade: Mullen Automotive, Inc. (NASDAQ:MULN) Director Ignacio Novoa acquired a total of 242,500 shares at an average price of $0.91. To acquire these shares, it cost around $129.99 thousand.
• What's Happening: Mullen Automotive, earlier during the month, announced it has acquired a 60% controlling interest in Bollinger Motors for $148.2 million in cash and stock.
• What Mullen Automotive Does: Mullen Automotive Inc is engaged in manufacturing electric vehicles and energy solutions.

ReWalk Robotics

• The Trade: ReWalk Robotics Ltd. (NASDAQ:RWLK) 10% owner Lind Global Macro Fund LP acquired a total of 38,078 shares at an average price of $0.83. The insider spent $31.6 thousand to buy those shares.
• What's Happening: ReWalk will start submitting first cases for Medicare coverage through Medicare administrative contractors.
• What ReWalk Robotics Does: ReWalk Robotics Ltd is an Israel based medical device company. It is engaged in designing, developing and commercializing the Rewalk systems which are exoskeletons allowing wheelchair-bound individuals to stand and walk once again.