The Propel Funeral Partners Ltd (ASX: PFP) share price is in reverse despite the S&P/ASX 200 Index(ASX: XJO) lifting today.
At the time of writing, the funeral operator's shares are swapping hands for $4.63, down 2.53%.
In contrast, the benchmark index is trading at 7,521.5 points, up 0.58%.
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Propel Funeral shares retreat
Investors appear uneased by the company's latest announcement, sending the Propel Funeral share price into negative territory.
According to the release, two of Propel Funeral's co-founders sold a parcel of their shares on 6 April.
In total, 1.25 million Propel Funeral shares were offloaded in an on-market trade for an average price of $4.80 per share.
Propel Funeral managing director, Albin Kurti disposed of 729,778 shares, with today's net holding of around 10.16 million shares.
In addition, Propel Funeral executive director, Fraser Henderson offloaded 520,522 shares, with his holding roughly 7.24 million shares.
Management noted that the sale is the first between the pair since the company's initial public offering (IPO) 4.5 years ago.
Both co-founders stated that the proceeds from the above selldown will be utilised for investment diversification and taxation obligations.
The transaction represents roughly 1.1% of Propel Funeral's share registry, and 6.7% of the total number of shares held by the co-founders (prior to the selldown).
Nonetheless, both Mr Kurti and Mr Henderson remain Propel Funeral's two largest non-institutional shareholders. Combined, they own about 14.8% of the company's entire issued capital.
In addition, the co-founders noted that they have no plans to sell any more shares prior to the company's FY22 full year results.
Propel Funeral share price snapshot
Despite today's slight drop, the Propel Funeral share price is up 49% over the last 12 months.
Although the same can't be said when looking at year to date, with the company's shares up 3%.
Based on today's price, Propel Funeral commands a market capitalisation of approximately $541.14 million, with 117.89 million shares on hand.
