Robinhood Markets Inc (NASDAQ:HOOD) shares fell on Monday after the trading platform was not included in the S&P 500 during the index’s quarterly rebalancing.
Shares of Robinhood were down 5.4% at about $71 late morning on Monday. AppLovin Corp (NASDAQ:APP), which also missed out on S&P 500 inclusion, also saw its shares fall 4.2% to about $400.
Speculation that Robinhood would be added to the S&P 500 saw the company’s shares reach an all-time high last Friday.
S&P Dow Jones said on Monday it opted to leave the index unchanged, the first quarterly rebalancing to not result in any changes to the S&P 500 stocks since March 2022.
To qualify for inclusion in the index, a company must be based in the US, be listed on a major US exchange, and have a market capitalization of at least $20.5 billion. As of Friday's market close, Robinhood had a valuation of about $66.1 billion.
The most recent addition to the S&P 500 was Coinbase Global Inc (NASDAQ:COIN) last month.