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Insiders Who Nailed Market Bottom Are Starting to Sell Stocks

  • Sell-buy ratio jumps to the highest level since 2017
  • Ratio nearing levels that have tended to mark market tops

As U.S. stocks climb to their most expensive levels in two decades, the executives in charge of the companies benefiting from the rally are showing signs of anxiety.

Corporate insiders, whose buying correctly signaled the bottom in March, are now mostly sellers. Almost 1,000 corporate executives and officers have unloaded shares of their own companies this month, outpacing insider buyers by a ratio of 5-to-1, data compiled by the Washington Service showed. Only twice in the past three decades has the sell-buy ratio been higher than now.