The Dow Jones edged lower on the first trading session of 2023. 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.

Clearday

• The Trade: Clearday, Inc. (OTC:CLRD) CEO James Walesa bought a total of 1,776,436 shares at an average price of $0.68. To acquire these shares, it cost around $1.2 million.
• What's Happening: Clearday's shares have gained 67% over the previous month.
• What Clearday Does: Clearday Inc is a non-acute health care services company. It operates four residential care facilities and a daycare center that serve primarily older Americans and persons facing cognitive issues such as Alzheimer's and other forms of dementia.

Stran & Company

• The Trade: Stran & Company, Inc. (NASDAQ:SWAG) Chief Technology Officer Jason Nolley acquired a total of 4,000 shares at an average price of $1.24. The insider spent around $4.96 thousand to buy those shares.
• What's Happening: Stran & Company recently reported the completion of its acquisition of the assets and business of Premier Business Services.
• What Stran & Company Does: Stran & Co Inc is an outsourced marketing solutions provider, working closely with customers to develop sophisticated marketing programs that leverage promotional products and loyalty incentive expertise.

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Savara

• The Trade: Savara Inc. (NASDAQ:SVRA) Director David Ramsay acquired a total of 36,000 shares at an average price of $1.54. To acquire these shares, it cost around $55.59 thousand.
• What's Happening: Savara, during November, reported a Q3 loss of $0.07 per share.
• What Savara Does: Savara Inc is a biopharmaceutical company. It is focused on rare respiratory diseases.

Aspen Group

• The Trade: Aspen Group, Inc. (NASDAQ:ASPU) Director Douglas Kass acquired a total of 15,250 shares at an average price of $0.28. The insider spent $4.29 thousand to buy those shares.
• What's Happening: Aspen Group, last month, reported better-than-expected Q2 sales results.
• 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.