Analyst: Robinhood is expected to be added to the S&P 500 index this Friday, potentially triggering significant buying from passive funds

BlockBeats News, June 5th, according to Bloomberg, Bank of America stated that Robinhood Markets Inc. is the "most likely" company to be included in the upcoming S&P 500 index rebalancing announcement scheduled for this Friday. This milestone event will drive passive funds to buy a significant amount of this online brokerage's stock.

A team led by Bank of America analyst Craig Siegenthaler highlighted in a report that Robinhood became the focus of investors during a meeting about potential index changes in the financial sector. With the rise of the U.S. stock market and the cryptocurrency market, Robinhood's stock price has been soaring.