Bank of America: Robinhood is most likely to be included in the S&P 500 index constituents

ChainCatcher news, according to Bloomberg, Bank of America stated that Robinhood Markets Inc. is the company "most likely" to be included in the upcoming S&P 500 index component adjustments to be announced this Friday. This milestone event will drive passive funds to buy a large amount of shares in this online brokerage.

A team led by Bank of America analyst Craig Siegenthaler noted in a report that during a meeting about potential index changes in financial stocks, Robinhood became the focus of investor attention. With the rise of the U.S. stock and cryptocurrency markets, Robinhood's stock price has continued to soar.