In the latest trading session, Activision Blizzard, Inc (ATVI) closed at $91.17, marking a -0.37% move from the previous day. This change lagged the S&P 500's daily gain of 0.82%.Coming into today, shares of the company had lost 0.4% in the past month. In that same time, the Consumer Discretionary sector lost 0.63%, while the S&P 500 gained 3.89%.ATVI will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2021. In that report, analysts expect ATVI to post earnings of $0.76 per share. This would mark a year-over-year decline of 21.65%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.88 billion, down 9.52% from the year-ago period.ATVI's full-year Zacks Consensus Estimates are calling for earnings of $3.78 per share and revenue of $8.79 billion. These results would represent year-over-year changes of +8.93% and +4.45%, respectively.Investors should also note any recent changes to analyst estimates for ATVI. These revisions help to show the ever-changing nature of 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 remained stagnant. ATVI currently has a Zacks Rank of #5 (Strong Sell).Investors should also note ATVI's current valuation metrics, including its Forward P/E ratio of 24.23. Its industry sports an average Forward P/E of 21.66, so we one might conclude that ATVI is trading at a premium comparatively.Meanwhile, ATVI's PEG ratio is currently 1.56. 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 Toys - Games - Hobbies was holding an average PEG ratio of 1.56 at yesterday's closing price.The Toys - Games - Hobbies industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 111, putting it in the top 44% 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.You can find more information on all of these metrics, and much more, on Zacks.com. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough 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 Activision Blizzard, Inc (ATVI): Free Stock Analysis Report To read this article on Zacks.com click here.