1.) Valuation. They had a $9 price target & the stock was >$9.
2.) Liquidity events for HTGC portfolio companies are driven to a large extent by venture capital. Stifel Nicolaus provided some commentary that VC liquidity might not be as plentiful in the near to medium term.
Valuation...I will tell you and the board this...I like to follow the volume spikes in relation to the stock price. The trend has reversed which is part of the reason I jumped out last week (I started to see inconsistancy). For a while every time there was a larger than average volume buy the price would jump (the buyer dried out the sellers) and then last week that trend began to become hit and miss which to me, in addition to the run-up, signalled a toppy price for the time being...but yesterday and today...well look for yourself. It is the sellers who are more than happy to give up there shares at lower prices to the big buyer...there is no shortage of shares for those who want to build a big position which means they will build it cheaper. This trend could be dicey....I will get back in but not until the stock has leveled a bit...I still think 8.25 happens.