The 18-year-old scored four times in 13 league games for the Owls and Moyes has seen a positive improvement in the teenager.
"We were happy for Ross to go out there and play the games on loan. I think it's been good for him," Moyes told the club's official website.
"He's been playing in big games. We've had him watched in all the games and I've watched him personally play in two games live against Leeds United and Blackburn.
"For the first three or four games, it took him a little bit of time to settle, but he has then made a bigger impression.
"Ross has done great. He is a young boy, 18, and those games in the Championship will bode well for us and for him.
"It's not unlike when we put Leon Osman out on loan. I wouldn't say it's an exact similarity, but we put Ross out to try and get him ready for Premier League action."