Match Group (MTCH Quick QuoteMTCH - Free Report) shares ended the last trading session 4.2% higher at $164.38. 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 13.4% gain over the past four weeks.

The upswing in share price came following news that the company was selected by the S&P Dow Jones Indices to be added to the S&P 500. As of Sep 20 the online-dating company will replace Perrigo Company, which is slated to join the S&P MidCap 400.

Match Group, which is based in Dallas, owns several dating companies in addition to Match, including Hinge, Tinder and OKCupid. The company saw a surge in new users amid the pandemic as many consumers shifted to online apps for dating during coronavirus-induced lockdown.

Price and Consensus

This media and internet company is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +9.1%. Revenues are expected to be $801.22 million, up 25.2% 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 Match Group, 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 MTCH 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 >>>>