Amazon (AMZN) closed at $3,237.62 in the latest trading session, marking a +0.16% move from the prior day. The stock lagged the S&P 500's daily gain of 0.98%. At the same time, the Dow added 0.99%, and the tech-heavy Nasdaq gained 0.5%.Wall Street will be looking for positivity from AMZN as it approaches its next earnings report date. This is expected to be February 2, 2021. On that day, AMZN is projected to report earnings of $7 per share, which would represent year-over-year growth of 8.19%. Meanwhile, our latest consensus estimate is calling for revenue of $120.36 billion, up 37.65% from the prior-year quarter.Any recent changes to analyst estimates for AMZN should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.19% higher. AMZN is currently a Zacks Rank #3 (Hold).Valuation is also important, so investors should note that AMZN has a Forward P/E ratio of 74.2 right now. This valuation marks a premium compared to its industry's average Forward P/E of 49.8.It is also worth noting that AMZN currently has a PEG ratio of 2.54. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Commerce was holding an average PEG ratio of 3.27 at yesterday's closing price.The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 216, which puts it in the bottom 16% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.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 Amazon.com, Inc. (AMZN): Free Stock Analysis Report To read this article on Zacks.com click here.