Executives in charge of the largest US companies are running out of confidence in a recovery, heavily selling the shares they own in their own businesses in preference to buying, according to new data based on filings with the Securities and Exchange Commission.

Sales by so-called company insiders are outstripping purchases of stock so far this month by more than 22 times, suggesting that the insiders are anxious to take advantage of the recent equity market rally and that their faith in its continuation is flimsy.