First Solar Profits Rise, But Company Officials Sell Stock
First Solar, Inc. (NASDAQ:FSLR), the largest manufacturer of thin solar wafers, recently reported its second-quarter profits rose 81 percent, which sent the company's shares skyward.
However, company officials have not been so quick to celebrate, and may even be privy to privileged information, given the heavy insider trading that has been reported by the company.
According to Bloomberg, the company's profit increase can be traced back to a shift toward building large solar farms with its modules. The company's total income from the second quarter came in at $111 million, or $1.27 per share, compared with $61.1 million, or 70 cents a share last year.
First Solar also announced it plans to build a new, 139-megawatt solar farm in Campo Verde, California, which will provide power for San Diego Gas & Electric under a 20-year agreement.
With things seemingly going so well for the company, investors should take note of the thousands of dollars' worth of shares company insiders have been selling in recent weeks. In the last three months, officials have sold $46,090 in shares, valued between $15.35 and $16.10 each.
Why do you think these insider trades are going on?
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