This $38.8 Million Vicor Bet Is Getting Bigger Amid a 200% Stock Surge
Key Points
Ashford Capital increased its stake in Vicor by 128,664 shares during the fourth quarter; the estimated trade size was $10.94 million based on quarterly average prices.
Meanwhile, the quarter-end position value rose by $27.59 million, reflecting both trading and price appreciation.
The post-trade holding was 353,856 shares valued at $38.78 million.
Vicor now represents 4.32% of Ashford Capital Management Inc's 13F assets.
On February 13, 2026, Ashford Capital Management disclosed a buy of 128,664 shares of Vicor (NASDAQ:VICR), with an estimated transaction value of $10.94 million based on quarterly average pricing.
What happened
According to a filing with the Securities and Exchange Commission dated February 13, 2026, Ashford Capital Management Inc increased its position in Vicor (NASDAQ:VICR) by 128,664 shares. The estimated value of this trade, based on the average closing price for the quarter, was $10.94 million. The quarter-end value of the fund’s stake in the company rose by $27.59 million, which includes both trading activity and stock price movements.
What else to know
- This was a buy, bringing the position to 4.32% of the fund's reportable U.S. equity assets.
- Top holdings after the filing:
- NASDAQ: GSAT: $60.98 million (6.8% of AUM)
- NASDAQ: LGND: $40.42 million (4.5% of AUM)
- NASDAQ: VICR: $38.78 million (4.3% of AUM)
- NASDAQ: RDVT: $34.33 million (3.8% of AUM)
- NYSEMKT: VTI: $31.46 million (3.5% of AUM)
- As of February 13, 2026, Vicor shares were priced at $155.96, up a staggering 213.0% over the past year and outperforming the S&P 500 by 201.3 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 13, 2026) | $155.96 |
| Market capitalization | $7.02 billion |
| Revenue (TTM) | $441.6 million |
| Net income (TTM) | $82.3 million |
Company snapshot
- Vicor offers modular power components, DC-DC converters, custom power systems, and related accessories for electrical power conversion
- The company generates revenue by designing, manufacturing, and selling power conversion products and custom solutions to original equipment manufacturers and contract manufacturers
- It serves customers in aerospace, defense, industrial automation, instrumentation, lighting, telecommunications, networking, and transportation sectors
Vicor is a technology company specializing in high-performance power conversion solutions for demanding applications. The company leverages proprietary technology to deliver efficient, compact, and scalable power modules and systems. Its focus on innovation and customization provides a competitive advantage in industries requiring reliable and advanced power management.
What this transaction means for investors
Momentum like this forces conviction tests. After a 213% run in a year, adding to Vicor suggests Ashford believes this is a story about structural power density demand—instead of simply being a trade.
The third quarter numbers help explain that confidence. Revenue reached $110.4 million, up 18.5% from a year ago, while gross margin expanded to 57.5%. Net income came in at $28.3 million, or $0.63 per diluted share, and operating cash flow hit $38.5 million.
With those numbers, it’s clear this is not a sleepy cyclical manufacturer. Vicor sits on critical IP in high-performance computing power modules, with licensing revenue now a meaningful contributor. The $45 million second-quarter patent settlement distorted sequential comparisons, but underlying profitability still improved year over year.
Within the portfolio, this remains a mid-sized position at 4.3% of assets, behind names like Globalstar and Ligand. For long-term investors, the key question is whether Vicor’s technology becomes standard infrastructure in AI and data center builds. If it does, the multiple may not look so stretched in hindsight.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard Total Stock Market ETF. The Motley Fool has a disclosure policy.