Robinhood Is a ‘Prime Candidate’ for S&P 500 Addition, BofA Says

Robinhood Markets Inc. is a “prime candidate” to enter the S&P 500 Index in the rebalancing set to be announced Friday, a milestone that would spur passive funds to snap up shares of the online brokerage, according to Bank of America Corp.

The stock was in focus among investors at a meeting about potential index changes for financial stocks, analysts led by Craig Siegenthaler wrote in a note. Robinhood’s stock has surged as both equity and cryptocurrency markets rally, and on Tuesday, it closed at its first record high in nearly four years.