Hoya Corp. (HOCPY Quick QuoteHOCPY - Free Report) shares ended the last trading session 3% higher at $116.60. 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 9.8% loss over the past four weeks.

Hoya extended its rally for the third straight day, driven by growing optimism over its top-line growth. The company’s decision to spin off the electronic eyeglasses business for the visually impaired is expected to further boost its prospects in the long haul.

Price and Consensus

This company is expected to post quarterly earnings of $0.88 per share in its upcoming report, which represents a year-over-year change of +79.6%. Revenues are expected to be $1.38 billion, up 11.4% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Hoya Corp., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HOCPY 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 >>>>