Corporate executives aren't using their own personal funds on average to buy their company's stock during the market swoon, according to a research firm.
Companies have bought back $113.4 billion of their own shares this month, good for the highest total since April 2015, according to market data firm TrimTabs.
In contrast, Argus Research said its Vickers' overall Insider Index, a measure of insider buying by corporate executives, went negative this week for the first time since August 2017.
"Insiders are clearly in a cautious mood as stock prices have quickly recovered ground in what many felt was a healthy and needed correction. Indeed, all the major insider sentiment barometers tracked by Vickers have moved in a bearish manner," Argus Research analyst and quantitative portfolio strategist David Coleman wrote in the firm's "Vickers Weekly Insider" report Monday.