Robinhood ‘a prime candidate’ to join S&P 500, says BofA

After having hosted a quarterly update meeting with BofA’s Emma Huang and the firm’s Index Team in front of the S&P rebalance due on Friday, June 6 at 5:15 pm, BofA analyst Craig Siegenthaler views Robinhood (HOOD) as “a prime candidate” for the S&P 500 with the next rebalancing. The analyst views Cheniere Energy (LNG), Flutter Entertainment (FLUT), Veeva (VEEV), Carvana (CVNA), Ares Management (ARES) and AppLovin (APP) as other top candidates for additions and views Interactive Brokers (IBKR) as “a top migration candidate” from the S&P 400, BofA added. For Robinhood or Ares, which aren’t a part of the S&P 400, the firm notes it would expect “significant buying activity” from passive funds.