One of the massive movers in today’s rather dismal market is Secoo (NASDAQ:SECO). Shares of SECO stock are up more than 100% in early afternoon trading, while all three of the major indices are in the red today.
This move comes after the company announced that it intends to transform its luxury goods operations model with artificial intelligence (AI) — and in particular, ChatGPT.
Given the surge in interest around AI-related stocks of late, this is big news. Indeed, investors looking for smaller-cap ways to play the surge in AI don’t have many options to choose from. Considering this China-based company has a market capitalization of only $26 million (and that’s after today’s move), there could be plenty of upside on the horizon with SECO stock.
Now, the company’s exact strategy with incorporating AI into its luxury retail businesses remains to be seen. Secoo appears to focus on both online and offline retail for luxury items, as well as the marketing of a range of luxury products such as handbags, watches, clothing and other items. However, if the company is able to significantly improve its conversion rate, perhaps there’s something to see here.
With that said, let’s dive into which investors are betting big on SECO stock right now.
Top Institutional Investors in SECO Stock
As per Yahoo! Finance, here are the top five institutional investors in SECO stock:
- IDG Technology Venture Investment is the largest institutional investor with 9.48%, or 5.45 million shares owned.
- FIL LTD is next with 0.70%, or 401,588 shares.
- Renaissance Technologies has 0.03%, or 14,590 shares.
- Virtu Financial (NASDAQ:VIRT) has 0.01%, or 5,075 shares.
- Geode Capital Management has 2,633 shares.
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On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.