Grid Dynamics (GDYN Quick QuoteGDYN - Free Report) shares ended the last trading session 10.4% higher at $21.05. 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 1.4% gain over the past four weeks.

The upswing in shares can be attributed Grid Dynamics’ expanding customer base. The company was recently selected by Google Cloud as implementation partner for Google Cloud Retail Search.

The acquisition of Tacit Knowledge, a Pitney Bowes owned company, and leading provider of end-to-end digital commerce solutions for global brands is expected to expand the company’s footprint.

This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +500%. Revenues are expected to be $41.4 million, up 85.1% 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 Grid Dynamics, 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 GDYN 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 >>>>