Indonesia Energy (NYSE:INDO) Shares Down 1.4% – Here’s What Happened

Indonesia Energy Co. Limited (NYSE:INDO)’s share price dropped 1.4% on Thursday . The stock traded as low as $2.76 and last traded at $2.91. Approximately 560,317 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 2,289,136 shares. The stock had previously closed at $2.95.

Indonesia Energy Stock Up 5.5%

The company has a 50 day moving average of $3.68 and a two-hundred day moving average of $3.54.

Hedge Funds Weigh In On Indonesia Energy

Several institutional investors and hedge funds have recently modified their holdings of INDO. Goldman Sachs Group Inc. purchased a new position in shares of Indonesia Energy in the 1st quarter valued at about $69,000. Jane Street Group LLC purchased a new position in shares of Indonesia Energy in the 2nd quarter valued at about $52,000. Two Sigma Investments LP increased its stake in shares of Indonesia Energy by 18.0% in 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 in the last quarter. R Squared Ltd increased its stake in shares of Indonesia Energy by 201.2% in the 4th quarter. R Squared Ltd now owns 45,814 shares of the company’s stock valued at $134,000 after purchasing an additional 30,601 shares in the last quarter. Finally, T3 Companies LLC purchased a new position in shares of Indonesia Energy in the 4th quarter valued at about $71,000. Hedge funds and other institutional investors own 0.51% of the company’s stock.

Indonesia Energy Company Profile

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.