Indonesia Energy (NYSE:INDO) Stock Price Down 1.4% – Here’s Why

Indonesia Energy Co. Limited (NYSE:INDO)’s stock price dropped 1.4% during mid-day trading on Thursday . The company traded as low as $2.76 and last traded at $2.91. Approximately 560,317 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 2,289,136 shares. The stock had previously closed at $2.95.

Indonesia Energy Stock Down 1.4%

The business’s 50 day moving average is $3.70 and its 200-day moving average is $3.55.

Institutional Trading of Indonesia Energy

Several hedge funds and other institutional investors have recently bought and sold shares of INDO. Goldman Sachs Group Inc. acquired a new stake in Indonesia Energy in the 1st quarter worth $69,000. Jane Street Group LLC acquired a new stake in Indonesia Energy in the 2nd quarter worth $52,000. Two Sigma Investments LP grew its position in Indonesia Energy by 18.0% in the 3rd quarter. Two Sigma Investments LP now owns 29,892 shares of the company’s stock worth $90,000 after purchasing an additional 4,550 shares during the last quarter. R Squared Ltd grew its position in Indonesia Energy by 201.2% in the 4th quarter. R Squared Ltd now owns 45,814 shares of the company’s stock worth $134,000 after purchasing an additional 30,601 shares during the last quarter. Finally, T3 Companies LLC acquired a new stake in Indonesia Energy in the 4th quarter worth $71,000. 0.51% of the stock is currently owned by institutional investors and hedge funds.

About Indonesia Energy

Indonesia Energy Corporation Limited (NYSE: INDO) is a coal-focused energy company principally engaged in the exploration, development and production of thermal coal resources in Indonesia. Headquartered in Jakarta, the company leverages Indonesia’s abundant coal reserves to supply power generation markets at home and abroad. Its business model centers on identifying high‐quality coal seams, securing mining concessions, and advancing projects from exploration through to commercial production.

The company’s core assets are located in South Sumatra Province, where it holds adjacent coal concessions that offer access to steam coal suited for electricity generation.