Why is Ather Energy falling/rising?

As of 04-Aug, Ather Energy Ltd's stock price is rising, currently at 399.25, reflecting an increase of 51.95 or 14.96%. The stock has reached a new 52-week and all-time high of Rs. 416.7 today, outperforming its sector by 12.45%. Over the past week, the stock has gained 17.67%, and in the last month, it has risen by 21.39%. However, despite this positive movement, the company is facing challenges such as operating losses and a high Debt to EBITDA ratio, indicating weak long-term fundamental strength. Additionally, while institutional holdings have increased, suggesting confidence from larger investors, the company has shown flat results recently and has a negative EBITDA, which raises concerns about its long-term viability.
In the broader market context, Ather Energy's short-term performance significantly outpaces the benchmark Sensex, which has only increased by 0.16% over the past week and decreased by 2.89% in the last month. This stark contrast highlights Ather Energy's strong momentum relative to the overall market. However, the broader automobile sector has also seen a gain of 2.5%, indicating some positive sentiment in the industry. Despite these gains, the decline in delivery volume and the company's operating losses suggest that investors should remain cautious about the stock's sustainability in the long term.