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Popular trading platform operator Robinhood (HOOD) was expected to join the S&P 500 Index ($SPX) after its quarterly reshuffle. In fact, there was much anticipation around this development, with Bank of America even naming Robinhood as a top candidate to join the index.
Inclusion in the index usually boosts stock performance and increases liquidity. Robinhood also had something to look up to as its competitor, Coinbase Global (COIN), is already part of the coveted index. But when the final list dropped on June 6, Robinhood was nowhere to be found, triggering a 2% slide in the stock on June 9. While getting left out of the SPX certainly stings, does it mean investors should steer clear of Robinhood altogether?
