Insider buying decreased last week, with insiders purchasing $78.79 million of stock compared to $129.31 million in the week prior. This level of insider buying stands out for three reasons:
- We have not seen insider buying drop to these levels since mid-June.
- We are not in the midst of an earnings-related quiet period at most companies, when insider activity tends to drop.
- Nearly half of the buying last week was on account of continued purchases of the insurer AXIS Capital by Mr. Davis, as discussed below.
Selling increased significantly, with insiders selling $3.07 billion