Penny stocks with insider buying addresses a key lingering concern among speculators: do the folks that are selling me their business actually believe in their business?

I’m telling you, there’s nothing worse than putting your money down into an opportunity, only to discover that the very people who are selling you on the idea – indeed, the insiders that know the business the best – are the ones exiting the enterprise.

I don’t care that insiders sell for a variety of reasons, many of them mundane. If transactions are outbound only and nothing inbound, that in my opinion will always be a problem. Because if you actually believed that an “opportunity” was truly, genuinely an opportunity, why in the eternal flames of perdition are you selling it?

It’s time for companies to start walking the walk. These penny stocks with insider buying? That’s exactly what’s going on.

Aqua Metals (AQMS)

Falling under the industrials sector, Aqua Metals (NASDAQ:AQMS) specializes in waste management. Per its public profile, the company engages in metals recycling via its patented AquaRefining technology. This innovation produces metals and alloys that can be returned to the battery manufacturing supply chain markets.

It’s a relevant business considering that battery usage will likely lead to constraints in critical supplies. Even better, the people behind the business believe in the opportunity they’re selling. Per GuruFocus, since the past one-year period, the volume of insider buys – amounting to 740,000 shares – have been exclusively standing in the buy column.

Another factor to consider is that analysts rate AQMS a consensus moderate buy with a $3 price target. If so, we’re talking about a 621% return potential.

In the trailing 12 months (TTM), Aqua lost $23.94 million on revenue of only $25,000. However, at the end of this fiscal year, experts believe that revenue will skyrocket to $1.29 million. It’s one of the penny stocks with insider buying to keep tabs on.

Fury Gold Mines (FURY)

Based in Vancouver, BC, Canada, Fury Gold Mines (NYSEAMERICAN:FURY) – as you might imagine – operates in the metals and mining industry. Per its corporate profile, Fury focuses on gold exploration projects in Canada. One of its mainline properties covers an area of approximately 24,000 hectares. With rising interest in gold due to the fear trade, FURY enjoys relevance.

Adding to the mix, GuruFocus notes that FURY is one of the penny stocks with insider buying. Over the past three years, the total volume of transactions – coming out to 74,000 shares – has gone one way, onto the buy side of the ledger. Granted, we’re not talking about a whole lot of money here. Nevertheless, I think it’s significant that no insider in the past three years has sold shares.

Only one analyst covers FURY, which is H.C. Wainwright’s Heiko Ihle. The rating comes out to “buy” with a price target of $1.50. That implies nearly 205% upside potential from Tuesday’s close.

It’s speculative given that the company generates no revenue. Still, a discovery could lead to blistering gains.

Immunic (IMUX)

Headquartered in New York City, Immunic (NASDAQ:IMUX) falls under the biotechnology category. Per its public profile, the company develops a pipeline of selective oral immunology therapies for the treatment of chronic inflammatory and autoimmune diseases. Its lead development program is called IMU-838, which is currently in Phase 3 clinical trials for the treatment of multiple sclerosis.

While the aim sounds incredibly compelling, the problem with biotechs is that they’re volatile. In this sector, it’s feast or famine. That’s why I appreciate that when it comes to insider transactions, over the past three years, they’ve been going inbound; as in, into the company. We’re not talking about a whole lot of cash, with a share volume amounting to 157,000. Still, it’s better than the opposite circumstance.

Analysts rate shares a moderate buy with a $14.33 average price target. This too helps in the confidence department because we’re talking about a 1,028% profitability potential.

Now, it’s risky because Immunic is a pre-revenue enterprise. Still, you have the knowledge that IMUX ranks among the penny stocks with insider buying.

Eyenovia (EYEN)

Another biotech player hailing from the Big Apple, Eyenovia (NASDAQ:EYEN) is an ophthalmic technology firm. Per its corporate profile, Eyenovia leverages its proprietary microdose array print platform technology to promote advanced medical solutions. Its mainline products include MicroPine, a therapeutic in Phase 3 clinical trials for the treatment of pediatric myopia progression.

A strong point for EYEN is that it’s one of the top penny stocks with insider buying. Per GuruFocus, within the past three years, insider transaction volume measured one million shares. To be fair, during this period, some insiders sold shares. However, the volume only came out to 270,000 shares. Further, in the past one-year period, the transactions have been going only one way: insiders buying EYEN stock.

Adding to the positivity, analysts peg shares as a consensus moderate buy with an $11 price target. That comes out to a whopping 1,392% upside potential.

On a TTM basis, Eyenovia posted revenue of only $8,780. However, experts believe that by the end of this year, sales will soar to $3.99 million.

Village Farms (VFF)

Based in Canada, Village Farms (NASDAQ:VFF) technically falls under the consumer defensive industry. Drilling down, it’s labeled as part of the “farm products” sector. And to be sure, its public profile lists some of its key products, such as greenhouse-grown tomatoes and bell peppers. However, it seems investors are more interested in the company’s cannabis products.

Now, when it comes to penny stocks with insider transactions, VFF presents an admittedly tricky case. In the past three years, insider buying volume amounted to 113,000 shares. That sounds good until you realize that during this period, insider sales amounted to 340,000 shares. Still, it’s worth pointing out that in the trailing year, the transactions have been acquisitions only.

If you need more convincing, analysts rate VFF as a consensus moderate buy with a $1.73 average price target. That implies about 39% upside potential. Further, the chart pattern seems to show a bullish flag formation. It’s something to keep tabs on.

Finally, investors are attracted to cannabis players given the Biden administration’s efforts to reschedule marijuana. Again, it’s a name to watch.

Profire Energy (PFIE)

Hailing from Lindon, Utah, Profire Energy (NASDAQ:PFIE) falls under the oil and gas equipment and services sector. Per its corporate profile, Profire engages in the engineering and design of burner and combustion management systems. It also offers various solutions for natural and forced draft applications in the U.S. and Canada. Notably, it serves transmission segments across the value chain of the hydrocarbon industry: upstream, midstream and downstream.

While we’re not talking about huge volumes here – only 8,000 shares – it’s intriguing that insider transactions have been one way. Further, no one in the past three years has sold PFIE stock. That’s telling because in September 2023, shares briefly breached the $3 level. So, that communicates to me that insiders see bigger and better things ahead.

That’s also the consensus among analysts since November of last year. The most recent assessment is a buy rating with a $4 price target, implying almost 180% upside potential. With geopolitics putting the hydrocarbon sector back in focus, PFIE could be intriguing. It’s arguably one of the enticing penny stocks with insider buying.

EVgo (EVGO)

Headquartered in Los Angeles, California, EVgo (NASDAQ:EVGO) falls under the consumer cyclical umbrella. More specifically, the company operates as an infrastructure provider for electric vehicles. As its corporate profile explains, EVgo owns and operates a direct current fast-charging network for EVs in the U.S. Should EVs take over the mobility paradigm, EVGO could easily be one of the penny stocks with insider buying to target.

Yes, to be fair, the company has seen a mixture of insider buying and selling. However, let’s not get this confused. While insider selling volume reached 587,000 shares in the past three years, during the same period, insider buys soared to six million shares. In the past month, we’re looking at an acquisition volume of 125,000 shares.

Analysts rate EVGO stock as a consensus moderate buy with a $4.67 average price target. That implies over 115% upside potential. Further, the high-side target hits $7, implying almost 223% growth.

Experts are also looking for fiscal 2024 revenue to hit $248.19 million. If so, that would be 54.2% up from last year’s print of $160.95 million.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.