Netflix (NFLX Quick QuoteNFLX - Free Report) shares ended the last trading session 5% higher at $235.38. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.1% loss over the past four weeks.

The upswing in Netlfix's share price can be attributed to positive sentiments around its upcoming cheaper ad-tier, which is expected to help the company win new subscribers.

This internet video service is expected to post quarterly earnings of $2.12 per share in its upcoming report, which represents a year-over-year change of -33.5%. Revenues are expected to be $7.86 billion, up 5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Netflix, the consensus EPS estimate for the quarter has been revised 0.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NFLX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Netflix is a member of the Zacks Broadcast Radio and Television industry. One other stock in the same industry, Warner Bros. Discovery (WBD Quick QuoteWBD - Free Report) , finished the last trading session 3.6% higher at $13.17. WBD has returned -4.2% over the past month.