The stock has surged by over 35% in the past month, amid a recent rally in Bitcoin’s price.

Robinhood Markets Inc.’s (HOOD) stock slipped in extended trading on Monday after missing out on inclusion in the S&P 500 index yet again.

On Monday, S&P Dow Jones Indices said that digital marketing firm Trade Desk will be added to the S&P 500, effective Friday, replacing Ansys, which S&P 500 constituent Synopsys are acquiring. Trade Desk stock jumped over 14% after the closing bell.

Inclusion in the benchmark index, often regarded as a bellwether of the U.S. economy, would have helped Robinhood attract a deeper pool of investors, as several funds track the S&P 500 and include the stock in their holdings.

With a market capitalization of over $88 billion, more than double that of Trade Desk, Robinhood remains one of the biggest companies still not added to the index.

Retail sentiment on Stocktwits about Robinhood was in the ‘neutral’ territory, while retail chatter was ‘high’ late Monday.

The stock has surged by over 35% in the past month, amid a recent rally in Bitcoin’s price, which hit a record high of $123,000 on Monday. Robinhood tends to benefit from higher volumes of cryptocurrency trading on its platform.

Bitcoin’s gains have been driven by optimism around the sector, as U.S. Congress members are expected to vote on several bills, including the GENIUS Act and the Clarity Act, this week. These bills aim to provide regulatory relief for cryptocurrency trading. The moves in the U.S. Capitol are consistent with the viewpoints of President Donald Trump, who has called himself the “Crypto President.”

“This $100 price level is looking like some tough resistance for now as well,” one trader said about the stock.

“I wouldn't bet against crypto week,” another trader said before adding that once Congress begins passing crucial crypto legislation, “it will turbocharge all crypto stock.”

Meanwhile, Citizens JMP raised its price target on Robinhood to $125 from $70, representing a 25% jump from the last close, while maintaining an 'Outperform' rating, citing a bullish outlook across the broader financial services and fintech landscape.

In a research note to investors, the firm highlighted solid recovery trends in capital markets, noting that M&A activity is on track to rise 20% year-over-year for the first half of 2025, annualizing at $4.3 trillion. The firm also added that the U.S. IPO market is showing signs of revival after a prolonged three-year slump.

JMP also pointed to rapid maturation in the digital asset space, which is shifting from speculative trading to more mainstream adoption.

Last week, the stock came under scrutiny as Florida’s Attorney General, James Uthmeier, launched an investigation into Robinhood Crypto, alleging that it falsely promotes its platform as the least expensive way to purchase crypto.

Robinhood stock has gained about 160% this year, compared with a 25.7% rise in Bitcoin prices.

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