S&P Dow Jones Indices on Friday opted not to make any quarterly changes to the S&P 500 index. But shares of one company widely seen as primed to join the benchmark index - AppLovin Corporation and Robinhood - were falling in premarket trading on Monday.

Shares of AppLovin Corporation and Robinhood were down more than 5% in premarket trading on Monday.

A representative for S&P Dow Jones Indices confirmed the company, which oversees a variety of market indexes, had not announced any additions or removals in its usual quarterly rebalancing, after Bloomberg reported earlier Friday evening that the index wasn't changing for now.

A place in the S&P 500 is a coveted spot for companies. It exposes their shares to a much broader range of investors, as well as to passive funds that track the benchmark and actively managed funds that may have restrictions on where they can invest.

Companies need a minimum market capitalization of $20.5 billion to join the S&P 500, and need to meet certain profitability standards. The index committee at S&P Dow Jones Indices chooses which companies become members.

The index gets recalibrated every quarter. The last rebalancing in March ushered in four new companies, with online food-delivery platform DoorDash Inc. the largest among them.

Cryptocurrency exchange Coinbase, snubbed in March, joined the S&P 500 last month - replacing Discover Financial Services, which has since been acquired by Capital One Financial.