Robinhood (NYSE:HOOD) stock is one of the top-trending tickers on social media and is up on news that it will enable residents of the U.K. to start trading on its platform at the beginning of 2024. This is the first time that the company has entered an overseas market.

More About HOOD’s U.K. Launch

British residents who go on Robinhood’s waiting list, which opened up yesterday, are expected to be able to start trading U.S. stocks on the firm’s app sometime “in early 2024.”

The firm had prepared to enter the U.K. in 2019 but canceled that initiative the following year due to numerous domestic problems in the U.S.

HOOD doesn’t plan to allow trading in U.K. stocks immediately but eventually intends to allow its U.K. customers to do so.

As is the case in the U.S., HOOD will not charge commission in the U.K.

HOOD Stock: What Investors Should Be Watching

Those who own HOOD stock and those considering buying it should determine how much Robinhood’s expansion to the U.K. will lift its revenue and profits.

According to Robinhood’s president, Jordan Sinclair, most stock brokers in Britain still hit their customers with high charges.

As a result, I believe that Robinhood’s app could indeed become a big hit in the country, meaningfully improving HOOD’s financial results and significantly lifting HOOD stock.

Robinhood’s Price Action

In the five trading days heading into today, Robinhood’s shares had climbed 8.5%. They had dropped 6% in the previous month while down 18% in the previous three months.

However, HOOD stock has risen 11% so far in 2023.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.