Emcore (EMKR Quick QuoteEMKR - Free Report) shares ended the last trading session 6.7% higher at $10.35. 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 26.1% gain over the past four weeks.

The company is riding on Broadband segment’s strong performance, driven primarily by solid growth in CATV and Sensing product sales. Additionally, EMCORE’s Aerospace & Defense growth initiatives are strengthening its navigation business, and is expected to drive further growth.

This maker of components for communications gear is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of +666.7%. Revenues are expected to be $41 million, up 50.4% 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 Emcore, 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 EMKR 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 >>>>

(Note: We are reissuing this article to correct a mistake. The original article, issued on June 15, 2021, should no longer be relied upon.)