Indonesia Energy (NYSE:INDO) Trading Down 8.1% – Here’s What Happened

Indonesia Energy Co. Limited (NYSE:INDO) shares fell 8.1% during mid-day trading on Monday . The stock traded as low as $4.13 and last traded at $4.19. 1,223,932 shares were traded during mid-day 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 Trading Down 8.1%

The business has a fifty day moving average price of $3.20 and a 200 day moving average price of $2.99.

Hedge Funds Weigh In On Indonesia Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in shares of Indonesia Energy during the 2nd quarter worth about $52,000. Goldman Sachs Group Inc. purchased a new position in Indonesia Energy in the first quarter valued at approximately $69,000. Finally, Two Sigma Investments LP lifted its position in Indonesia Energy by 18.0% during the third quarter. Two Sigma Investments LP now owns 29,892 shares of the company’s stock valued at $90,000 after buying an additional 4,550 shares in the last quarter. 0.51% of the stock is 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.