Fabrinet (FN) shares rallied 6% in the last trading session to close at $83.21. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.8% loss over the past four weeks.The recent surge in Fabrinet’s share price can be attributed to strong demand for their products across all product categories even amidst strong supply chain constraints. The company has been providing alternative parts and materials for products Fabrinet manufactures for their customers which impacted positively in their top line growth.Also the company has increased its production capacity by building new premises which will provide the company ample capacity to meet rising demand with adequate supply. This company that assembles optical, electro-mechanical and electronic devices for other companies is expected to post quarterly earnings of $1.55 per share in its upcoming report, which represents a year-over-year change of +18.3%. Revenues are expected to be $581.11 million, up 14% 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 Fabrinet, 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 FN 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 >>>>Fabrinet belongs to the Zacks Electronics - Miscellaneous Components industry. Another stock from the same industry, Meta Materials Inc. (MMAT), closed the last trading session 38.7% lower at $1.17. Over the past month, MMAT has returned 15.1%.Meta Materials Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. Compared to the company's year-ago EPS, this represents a change of -66.7%. Meta Materials Inc. currently boasts a Zacks Rank of #4 (Sell). Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fabrinet (FN): Free Stock Analysis Report Meta Materials Inc. (MMAT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research