Indonesia Energy (NYSE:INDO) Trading Down 4.6% – Should You Sell?

Shares of Indonesia Energy Co. Limited (NYSE:INDO) traded down 4.6% on Wednesday . The company traded as low as $4.72 and last traded at $5.01. 7,494,470 shares changed hands during mid-day trading, an increase of 244% from the average session volume of 2,181,649 shares. The stock had previously closed at $5.25.

Indonesia Energy Price Performance

The firm’s 50-day moving average is $2.65 and its two-hundred day moving average is $2.75.

Institutional Investors Weigh In On Indonesia Energy

An institutional investor recently raised its position in Indonesia Energy stock. R Squared Ltd lifted its holdings in Indonesia Energy Co. Limited (NYSE:INDO) by 214.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,717 shares of the company’s stock after buying an additional 12,074 shares during the quarter. R Squared Ltd owned approximately 0.17% of Indonesia Energy worth $49,000 at the end of the most recent quarter. Institutional investors own 0.51% of the company’s stock.

About Indonesia Energy

Indonesia Energy Corporation Limited, together with its subsidiaries, operates as an oil and gas exploration and production company in Indonesia. It holds interests in the Kruh Block, a producing block covering approximately an area of 258 square kilometers located in the Pali, South Sumatra; and the Citarum Block, an exploration block covering approximately an area of 3,924.67 square kilometers located in the onshore of West Java.