) -- Jens Meyerhoff, First Solar CFO -- recently tapped to head the U.S. solar company's utility-scale solar project business -- has sold more than $7 million in First Solar stock grants since April 30, most recently selling stock grants at the end of last week.
The $7 million in stock sales by the First Solar CFO conducted in the past three months are more than all the stocks sales made by the First Solar CFO in the previous two-year periods. The $7 million are more than twice as much as the First Solar CFO profited from through insider stock sales in 2009, when Meyerhoff raised $2.7 million in insider sales.
Jonathan Moreland, an insider sales expert with
said a key for him in reviewing the First Solar CFO sales is not the overall level of sales, but the fact that Meyerhoff is selling First Solar at levels well off the stock's recent high. Additionally, the First Solar CFO has successively flipped First Solar stock grants for a quick profit, and the fact that Meyerhoff is not holding onto a position of size increases the negative aspect of the trades.
In his July 8 sale, the First Solar CFO sold 7,500 shares for $130, for proceeds of $976,000. Meyerhoff also sold $1.5 million worth of First Solar stock awards on June 18 at a price between $120 and $125.
Meyerhoff's biggest stock aware sale of 2010 was when the First Solar CFO raised proceeds of $4.5 million on May 4, selling at a price between $147 and $150. Meyerhoff's biggest insider sale of the year coincided with the most recent selling of First Solar shares conducted by members of the Walton family, founders of Wal-Mart and long-time shareholders in First Solar.
The First Solar CFO isn't the only one selling solar shares on Monday. The week has started as a down one for solar stocks, with news of a larger-than-expected solar subsidy decline in Italy, and the euro starting the week at a loss.
-- Written by Eric Rosenbaum from New York.
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