Ever wonder what signals to look for in the stock market today? Let’s talk about insider buying – a goldmine of clues that could lead you to the next prospect to add to your list of penny stocks to watch.
Why Insider Buying Matters in Penny Stocks
When the people running a company are buying its stock, it’s time to sit up and take notice. In the world of penny stocks, where every hint counts, insider buying is like a flashing neon sign saying, “We believe in our company’s future!” These aren’t just random investments; they’re powerful indicators from those in the know.
Recent Insider Moves and What They Mean for You
Let’s dive into some of the latest insider buying actions in the penny stock universe. Who’s buying? How much? When? We’re cracking open these questions to unearth the opportunities hiding beneath the surface.
Spotlight on Penny Stocks with Insider Action
Here, we’ll zoom in on a few specific penny stocks that have seen some interesting insider activity lately. Whether it’s a tech startup or a budding biotech firm, these stories aren’t just numbers and percentages. They’re real-time insights into the future of these companies.
Incorporating insider buying into your penny stock strategy can be a game-changer. Sure, it’s not the only thing to consider, but it’s a valuable piece of the puzzle. Think of it as getting a sneak peek into the company’s confidence level. In continuing this week’s focus on insider trading, today’s article continues the list of penny stocks from two of the most popular updates of the last few days:
Penny Stocks to Buy? 3 To Watch With Insider Trading In November
5 Penny Stocks To Buy Now According To Insiders
Are These Penny Stocks A ‘Buy’ Now?
Here’s what insiders are doing with these penny stocks to watch in November.
Fortress Biotech, Inc. (FBIO)
Fortress Biotech, Inc. is a biopharmaceutical company. They focus on acquiring, developing, and commercializing therapeutic products and candidates. One of the things attracting attention in the stock market recently is its financial update posted earlier this month.
The company reported substantial growth in the third quarter of 2023. Consolidated net revenue reached $34.8 million, doubling from the previous quarter. This includes a significant upfront payment from a licensing agreement for Qbrexza® in Asia. The company is advancing several late-stage clinical assets, with potential NDA and BLA submissions to the FDA, including one for DFD-29 to treat rosacea.
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Fortress also raised approximately $10.0 million through a public offering and executed a 1-for-15 reverse stock split. As of September 30, 2023, their consolidated cash and equivalents totaled $74.7 million. The company anticipates multiple significant near-term milestones, including submissions to the FDA for various treatments.
What Do Insiders Think Of FBIO Stock?
Fortress Director Michael Weiss and CEO Lindsay Rosenwald were the prominent insiders boosting their positions. Together, they purchased a total of 1.71 million shares at a price of $1.70 per share.
Ondas Holdings Inc. (ONDS)
Ondas Holdings Inc. specializes in private industrial wireless networks and commercial drone and automated data solutions. They focus on delivering mission-critical solutions to improve safety and efficiency.
Like Fortress, Ondas reported encouraging financial results for Q3 2023, achieving $10.7 million in year-to-date revenues, setting the company on track to meet its $15 million revenue target for the full year. Growth was seen in Ondas Networks, with a 60% quarter-over-quarter increase in revenue, reaching $2.4 million. It was largely due to product deliveries to Siemens. Additionally, Ondas Autonomous Systems (OAS) secured a $2.6 million order for fleet expansion in Dubai, reflecting increased demand in security and public safety markets
Ondas Networks also made significant progress with Class I Rail customers and Siemens, advancing migration plans for the new 900 MHz network. OAS continued to see growth in customer engagement, highlighted by the $2.6 million fleet expansion and the FAA’s recent Type Certificate award for the Optimus drone. The news comes shortly after the company reported accelerating the development of its counter-UAS Iron Drone Raider system. It’s being enhanced to meet the operational requirements of the Israeli Defense and homeland security forces.
What Do Insiders Think Of ONDS Stock?
One of the company’s 10% owners, Joseph Popolo is the latest to buy up shares of ONDS stock. His November 15th buying spree included the purchase of 342,880 shares at an average price of $0.7104 per share. The insider trading brought Popolo’s directly owned position to more than 594,000 shares of ONDS stock.
GrowGeneration Corp. (GRWG)
Pot stocks might not be as popular as they once were. But that doesn’t mean they’re not in the spotlight from time to time. Thanks to the underlying volatility and speculative nature of the industry, they’ve become a hot topic among traders. GrowGeneration has a chain of specialty hydroponic and organic garden centers in the U.S. They operate 50 stores across 18 states.
Like others on this list of penny stocks, the company’s latest earnings are a point of interest. It reported its third-quarter 2023 financial results, highlighting a net revenue of $55.7 million. This is consistent with their expectations and represents a 13% decrease quarter-over-quarter. However, GrowGeneration saw an improvement in its gross profit margin, which increased to 29.1%, indicating a 320 basis points improvement from the previous year.
Read More – 3 Top Penny Stocks To Watch Before Next Week
The company experienced a net loss of $7.3 million, but this was an improvement from the prior year. The adjusted EBITDA loss was reduced to $0.9 million, showing an improvement of $1.8 million compared to 2022. Despite these challenges, the company maintained its full-year 2023 revenue guidance of $220 million to $225 million, with an expected adjusted EBITDA loss of $4 million to $6 million. On the heels of this update, GRWG stock has started to reverse course and trade higher over the last several sessions.
What Do Insiders Think Of GRWG Stock?
GrowGeneration’s President, Michael Salaman, and CEO, Darren Lampert, each spent nearly $1 million apiece to purchase shares of GRWG stock in November. Salaman picked up 430,000 at average prices between $2.1454 and $2.3455. Lampert’s purchases were between $1.918 and $2.3637, with a total of 496,000 shares purchased.
List Of Penny Stocks To Buy According To Insiders
- Fortress Biotech, Inc. (NASDAQ: FBIO)
- Ondas Holdings Inc. (NASDAQ: ONDS)
- GrowGeneration Corp. (NASDAQ: GRWG)
- Atara Biotherapeutics, Inc. (NASDAQ: ATRA)
- Gossamer Bio, Inc. (NASDAQ: GOSS)
- PureCycle Technologies, Inc (NASDAQ: PCT)
- Blade Air Mobility, Inc. (NASDAQ: BLDE)
- FTC Solar, Inc. (NASDAQ: FTCI)
- Xeris Biopharma Holdings, Inc. (NASDAQ: XERS)
- iHeartMedia (NASDAQ: IHRT)
- Ring Energy, Inc. (NYSEAMERICAN: REI)
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