There are two points to note here. Firstly, the shares that were...

There are two points to note here.

Firstly, the shares that were bought under the company program involved non-recourse loans. If the value of the shares fell below the value of the loan, the director/employee can just walk away owing nothing.

The second point is that the directors are almost certainly prohibited from buying or selling in the current environment. If not by the threat of regulators then by company policy or board agreements. They have access to far too much information during this period to be doing any share dealings IMO.

If we see a director buying in the future, it will be a significant, positive event. I'm not sure how much we can read into this not having taken place recently though.