Plug Power Surges 8.4% on $1.68 Billion Volume Climbing to 58th in Market Activity

Plug Power (PLUG) surged 8.40% on October 6, 2025, with a trading volume of $1.68 billion, ranking 58th in market activity. The stock's performance was driven by renewed investor confidence following strategic updates and operational progress. Analysts noted increased short-covering activity and institutional buying pressure as contributing factors to the sharp intraday move.

Recent filings revealed a 15% reduction in quarterly production costs due to optimized hydrogen electrolyzer manufacturing processes. The company also announced a partnership with two European logistics firms to expand green hydrogen infrastructure, signaling potential revenue diversification. These developments occurred against a backdrop of rising energy transition investment trends in the sector.

To build a sound back-test for this cross-sectional strategy I need to pin down a few practical details: 1. Universe • Should the ranking be done across all U.S. listed common stocks, or a subset such as the Russell 3000 or S&P 500 constituents? 2. Timing convention • Do we decide the “top-500-by-volume” list using yesterday’s data and open positions at today’s open (sell at today’s close), or buy at today’s close and exit at tomorrow’s close? • Which price should be used for entry/exit (open or close)? 3. Transaction costs & slippage • If you have specific estimates (e.g., 2 bp per side) please let me know; otherwise I’ll assume zero for a clean, first-pass result. 4. Rebalance frequency • The instruction is “hold them for 1 day.” I’ll treat that as re-running the screen every trading day and holding the basket for exactly one session. Confirm please. 5. Benchmark • Any specific benchmark you’d like the results compared to (e.g., SPY)? Once these points are settled I can generate the data-retrieval and back-testing steps (including equal-weighting the daily basket) and present the results in an interactive chart module.