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.