Indonesia Energy (NYSE:INDO) Shares Down 4.7% – Time to Sell?

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

Indonesia Energy Trading Down 5.5%

The firm’s 50 day simple moving average is $4.13 and its two-hundred day simple moving average is $3.51.

Institutional Investors Weigh In On Indonesia Energy

Several institutional investors have recently bought and sold shares of INDO. R Squared Ltd lifted its holdings in Indonesia Energy by 201.2% in the fourth 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 period. XTX Topco Ltd acquired a new stake in Indonesia Energy in the fourth quarter worth about $90,000. Goldman Sachs Group Inc. acquired a new stake in Indonesia Energy in the first quarter worth about $69,000. T3 Companies LLC acquired a new stake in Indonesia Energy in the fourth quarter worth about $71,000. Finally, Jane Street Group LLC acquired a new stake in Indonesia Energy in the second quarter worth about $52,000. Institutional investors and hedge funds 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.