Mesa Air (MESA Quick QuoteMESA - Free Report) shares ended the last trading session 6.5% higher at $12.99. 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 84.3% gain over the past four weeks.

As vaccine distribution continues, increased hopes of recovery in air-travel demand primary drove the stock higher. The company has lately been flying high after a Bank of America analyst last month upgraded its rating directly to Buy from Underperform. The analyst Andrew Didora feels that the company is well positioned to capitalize on the recovery in travel demand, given its partnerships with airline heavyweights like United Airlines (UAL Quick QuoteUAL - Free Report) and American Airlines (AAL Quick QuoteAAL - Free Report) .

Price and Consensus

This regional airline is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of +820%. Revenues are expected to be $142.4 million, down 20.8% 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 Mesa Air,the consensus EPS estimate for the quarter has been revised 753.6% 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 MESA going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>