Potbelly Corporation (PBPB Quick QuotePBPB - Free Report) shares soared 14.9% in the last trading session to close at $7.17. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.5% gain over the past four weeks.

Shares of Potbelly Corporation jumped after the company posted better-than-expected first quarter top line and bottom line results. Notably, positive investor sentiments were witnessed as the company's same-store sales trends continued to show sequential improvement (for the quarter ended Mar 28, 2021).

Price and Consensus

This sandwich restaurant operator is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of +57.1%. Revenues are expected to be $82.75 million, up 47.4% 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 Potbelly, the consensus EPS estimate for the quarter has been revised 1.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PBPB 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 >>>>