Firsthand Technology Value Fund (SVVC) Continues Parabolic Move On Facebook Hype, Shorts Licking Their Chops
Shorts are starting to aggressively target Firsthand Technology Value Fund (Nasdaq: SVVC), which is up 64 percent over the past week on the Facebook IPO hype.
Recently the company said Facebook is now the fund's largest holding, representing more than five percent (5%) of the fund's net assets. As of December 31, 2011, total net assets of the fund were approximately $84 million.
Anyway you look at it the surge in the stock is simply not justified. That being said with a small float and Facebook hype everywhere the longs are currently in control. If this changes, it could be back to sub-$20s for the stock.
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Recently the company said Facebook is now the fund's largest holding, representing more than five percent (5%) of the fund's net assets. As of December 31, 2011, total net assets of the fund were approximately $84 million.
Anyway you look at it the surge in the stock is simply not justified. That being said with a small float and Facebook hype everywhere the longs are currently in control. If this changes, it could be back to sub-$20s for the stock.
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NAV a factor!
Allen S on Feb 4, 2012 11:51 PMMark as Spam
SVVC's NAV is likely in the $25 to $27 range with some upside in the near future. (NAV was $24.76 on 9/30/2011 and certainly Facebook is worth more with an impending IPO than when it was private). It is illogical to think this stock trades below $24.76 anytime in the next year.