Why Shares of Enphase Energy Are Falling Today

Shining brightly to start the week, shares of Enphase Energy (NASDAQ: ENPH) rose nearly 4% yesterday. Today, however, the solar stock is headed in the other direction. While the S&P 500 and Dow Jones Industrial Average have fallen about 1.4% and 1%, respectively, shares of Enphase Energy are down 7.4% as of 1:50 p.m. ET.

Investors are clicking the sell button today after learning that the company's president and CEO, Badri Kothandaraman, sold shares himself.

According to the regulatory filing made public yesterday, Badri Kothandaraman sold 38,650 shares of Enphase Energy on June 23 in a transaction valued at about $7.3 million. Although Kothandaraman's position in Enphase is smaller, he still retains a sizable position in the company, holding about 1.06 million shares.

Source Fool.com