A group of investors who correctly timed the stock market’s bottom in March isn’t bargain hunting yet during the current selloff. Instead, they’re stepping up sales, flashing an ominous signal to any dip buyers.

Corporate executives and officers at S&P 500 companies were busy unloading shares of their own firms over the last four weeks. The selling picked up so much versus buying that a measure of insider velocity tracked by Sundial Capital Research pointed to the fastest exit from stocks since 2012.

While factors other than valuations can influence insiders’ decisions to sell, the action from this cohort -- likely the most-knowledgeable about their own businesses -- is hardly encouraging news in a market where the S&P 500 is heading for its worst September since the global financial crisis. The index’s 2.4% plunge on Wednesday extended its retreat from the Sept. 2 record to 9.6% and left it little changed in 2020.

“They’re voting with their feet,” said Dan Genter, chief executive officer of RNC Genter Capital Management. “It’s not an indictment saying their company is not going to do well in the future. But on a relative-value basis, we’re not going to do that well.”