Indonesia Energy (NYSE:INDO) Shares Down 8.1% – What’s Next?

Indonesia Energy Co. Limited (NYSE:INDO) fell 8.1% on Monday . The stock traded as low as $4.13 and last traded at $4.19. 1,223,932 shares traded hands during trading, a decline of 26% from the average session volume of 1,646,584 shares. The stock had previously closed at $4.56.

Indonesia Energy Price Performance

The firm’s 50 day simple moving average is $3.20 and its 200-day simple moving average is $2.99.

Institutional Trading of Indonesia Energy

A number of institutional investors have recently bought and sold shares of INDO. Jane Street Group LLC acquired a new position in shares of Indonesia Energy during the 2nd quarter worth $52,000. Goldman Sachs Group Inc. purchased a new stake in Indonesia Energy in the 1st quarter valued at about $69,000. Finally, Two Sigma Investments LP increased its stake in shares of Indonesia Energy by 18.0% during the 3rd quarter. Two Sigma Investments LP now owns 29,892 shares of the company’s stock valued at $90,000 after acquiring an additional 4,550 shares during the last quarter. 0.51% of the stock is currently owned by hedge funds and other institutional investors.

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.