Indonesia Energy (NYSE:INDO) Stock Falls 5.2% – Should You Sell?

Shares of Indonesia Energy Co. Limited (NYSE:INDO) traded down 5.2% during mid-day trading on Wednesday. The stock traded as low as $2.51 and last traded at $2.53. 111,239 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,180,040 shares. The stock had previously closed at $2.67.

Indonesia Energy Stock Performance

The company’s 50-day moving average price is $2.78 and its 200 day moving average price is $3.27.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Indonesia Energy stock. R Squared Ltd lifted its stake in Indonesia Energy Co. Limited (NYSE:INDO) by 130.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,007 shares of the company’s stock after purchasing an additional 20,972 shares during the period. R Squared Ltd owned about 0.24% of Indonesia Energy worth $99,000 at the end of the most recent quarter. 0.51% of the stock is owned by hedge funds and other institutional investors.

About Indonesia Energy

Indonesia Energy Corporation Limited (NYSE: INDO) is an independent oil and gas company focused on the exploration, development and production of hydrocarbon resources in Indonesia. The company operates through its Indonesian subsidiaries and emphasizes the acquisition and development of producing and prospective oil and gas assets.

Indonesia Energy’s principal asset is the Kruh Block, an oil-producing property in South Sumatra, Indonesia. The block includes multiple producing fields and additional areas targeted for development, workovers, drilling and enhanced recovery activities.