Indonesia Energy (NYSE:INDO) Trading Down 4.7% – Here’s Why

Shares of Indonesia Energy Co. Limited (NYSE:INDO) dropped 4.7% on Wednesday . The stock traded as low as $3.42 and last traded at $3.46. Approximately 392,541 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,628,351 shares. The stock had previously closed at $3.63.

Indonesia Energy Stock Performance

The firm has a 50 day moving average price of $4.13 and a 200-day moving average price of $3.51.

Institutional Trading of Indonesia Energy

Large investors have recently made changes to their positions in the stock. Two Sigma Investments LP boosted its stake in 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 purchasing an additional 4,550 shares during the period. Virtu Financial LLC boosted its stake in Indonesia Energy by 50.2% during the 4th quarter. Virtu Financial LLC now owns 15,115 shares of the company’s stock valued at $44,000 after purchasing an additional 5,054 shares during the period. Thompson Davis & CO. Inc. bought a new stake in Indonesia Energy during the 1st quarter valued at approximately $53,000. Jane Street Group LLC bought a new stake in Indonesia Energy during the 2nd quarter valued at approximately $52,000. Finally, T3 Companies LLC bought a new stake in Indonesia Energy during the 4th quarter valued at approximately $71,000. Institutional investors own 0.51% of the company’s stock.

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.