The Dow Jones index closed lower by more than 100 points on Friday. 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.

EMCORE

• The Trade: EMCORE Corporation (NASDAQ:EMKR) 10% owner Constantinos Christofilis acquired a total of 4,851,568 shares an average price of $0.36. To acquire these shares, it cost around $1.7 million.
• What's Happening: EMCORE reported worse-than-expected first-quarter financial results.
• What EMCORE Does: EMCORE Corp is a provider of sensors and navigation systems for the aerospace and defense market.

Beasley Broadcast

• The Trade: Beasley Broadcast Group, Inc. (NASDAQ:BBGI) President Bruce G Beasley acquired a total of 5,000 shares at at an average price of $0.86. To acquire these shares, it cost around $4,300.
• What's Happening: Beasley Broadcast posted downbeat fourth-quarter sales.
• What Beasley Broadcast Does: Beasley Broadcast Group Inc is a multi-platform media company, whose primary business is operating radio stations throughout the United States.

Arena Group

• The Trade: The Arena Group Holdings, Inc. (NYSE:AREN) 10% owner Manoj Bhargava acquired a total of 5,555,555 shares at an average price of $2.16. The insider spent around $12 million to buy those shares.
• What's Happening: Arena Group board recently terminated employment of CEO Ross Levinsohn.
• What Arena Group Does: The Arena Group Holdings Inc is a tech-powered media company that fuses superior technology, iconic brands, and marketing savvy to deliver vibrant content and experiences that reach more than 120 million users each month.

Don't forget to check out our premarket coverage here