Shopify (SHOP Quick QuoteSHOP - Free Report) shares soared 6.1% in the last trading session to close at $1,449.27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.7% gain over the past four weeks.

The upswing in Shopify’s share price can be attributed to its expanding partnerships with Facebook and Google. The company is expanding its checkout solution Shop Pay’s availability to merchants doing business on Facebook, Instagram and Google, irrespective of whether they use Shopify’s online store.

Shopify also launched Shop Pay Installments product in the United States. The company’s buy now pay later solution is supported by Affirm and is available to U.S. merchants that have enabled Shopify Payments and Shop Pay.

This cloud-based commerce company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of -6.7%. Revenues are expected to be $1.03 billion, up 44% 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 Shopify, 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 SHOP 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 >>>>