Indonesia Energy (NYSE:INDO) Shares Down 9.2% – Here’s Why

Indonesia Energy Co. Limited (NYSE:INDO) fell 9.2% during trading on Friday . The company traded as low as $2.63 and last traded at $2.67. 762,511 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 2,071,311 shares. The stock had previously closed at $2.94.

Indonesia Energy Price Performance

The business has a 50-day simple moving average of $3.23 and a 200 day simple moving average of $3.57.

Institutional Investors Weigh In On Indonesia Energy

Institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd bought a new stake in shares of Indonesia Energy in the 4th quarter valued at about $90,000. Two Sigma Investments LP lifted 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 during the period. Goldman Sachs Group Inc. acquired a new position in shares of Indonesia Energy in the 1st quarter valued at about $69,000. Jane Street Group LLC acquired a new position in shares of Indonesia Energy in the 2nd quarter valued at about $52,000. Finally, Virtu Financial LLC lifted its stake in shares of Indonesia Energy by 50.2% in 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. 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.