Think the basic answer to this question has already been given above, but just wanted to add a couple of things. Gone are the days when projects were hitting hard caps on a regular basis, which basically meant there would be almost guaranteed demand when it hit the exchanges. Now it seems to be a struggle for even the most promising projects to reach their soft caps, and this invariably ends with the coin/token being listed at below the ICO price. I tend to avoid investing in any ICOs now, but I do keep an eye on projects that interest me, as sometimes I can pick them up at a much cheaper price on an exchange. Not hitting a hard cap is not necessarily a bad thing, as long as the project has enough working capital, then enough progress should be made to bring them to the next level of investment. It actually helps to pinpoint projects which have little to no use, a key ingredient for potential investors.