Shake Shack (SHAK Quick QuoteSHAK - Free Report) shares soared 5.8% in the last trading session to close at $100.65. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6% gain over the past four weeks.

Improvement in average weekly sales, robust Same-Shack sales and high retention of digital sales have been boosting investors’ confidence.

This burger chain is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of +86.7%. Revenues are expected to be $181.54 million, up 97.8% 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 Shake Shack, the consensus EPS estimate for the quarter has been revised 218.2% 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 SHAK 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 >>>>