A number of insiders have been unloading shares of SolarCity Corp (NASDAQ:SCTY) recently, according to regulatory filings. In fact, as Seeking Alpha contributor Markus Aarnio reports, four of them sold off some stock inside of a month. In addition, no insiders purchased any shares during the month, and two of the four cut their holdings in SolarCity by over 10%.
SolarCity CEO, others sell
The most recent SolarCity Corp (NASDAQ:SCTY) executive to sell was CEO Lyndon Rive, who unloaded 160,000 shares and reduced his ownership in the solar system maker by 5.6%. Executive Vice President Seth Weissman sold 7,000 shares on April 22, reducing his holdings by 3.2%, while Vice President John Stanton sold 10,000 shares on April 1, reducing his holding 15.8%. Executive Vice President Linda Keala also sold SolarCity stock on April 1, unloading almost 5,000 shares and reducing her ownership by 10.9%.
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After those selloffs, Rive still owns almost 2.7 million shares of SolarCity Corp (NASDAQ:SCTY) stock. Weissman still holds almost 159,000 shares plus nearly 56,000 options. Stanton doesn’t hold any shares, but he does own more than 53,000 options, and Keala still holds more than 13,000 shares plus 26,000 stock options.
SolarCity insider selling on the rise
Interesting enough, SolarCity Corp (NASDAQ:SCTY) insiders have been unloading shares in each of the last five months. April saw the largest insider selloff, while December was in second place with more than 144,000 shares sold by insiders. In previous months though, no one sold, and in October, insiders even purchased almost 430,000 more shares of SolarCity stock. Nonetheless, filings indicate that SolarCity Corp (NASDAQ:SCTY) still has insider ownership of more than 73%.
One SolarCity Corp (NASDAQ:SCTY) insider who hasn’t unloaded any shares is Chairman Elon Musk, who is the company’s largest shareholder. He’s been holding onto his shares of both SolarCity and Tesla Motors Inc (NASDAQ:TSLA), of which he is the CEO. As both companies’ stock prices have risen, so Musk’s wealth has risen accordingly. But it would seem that other executives at SolarCity don’t have the same intentions of holding onto their stock, as SolarCity shares seem to have peaked, at least for now.