Why is Ather Energy falling/rising?

As of 02-Sep, Ather Energy Ltd is experiencing a price increase, currently at Rs 497.30, reflecting a rise of Rs 10.8 or 2.22%. The stock has shown strong performance recently, gaining 15.68% over the last three days and outperforming its sector by 1.67% today. It is also trading above its moving averages across various time frames, indicating positive momentum. Additionally, the stock is close to its 52-week high, just 2.84% away from Rs 512.75. However, despite these positive indicators, the company faces challenges such as operating losses and a high Debt to EBITDA ratio, which may raise concerns among investors regarding its long-term fundamental strength.
In the broader market context, Ather Energy's short-term performance stands in stark contrast to the benchmark Sensex, which has declined by 0.78% over the past week and 0.55% over the past month. This significant outperformance, with Ather Energy up 15.16% in the last week and 43.21% in the last month, suggests that investor sentiment towards the stock is currently favorable, particularly with high institutional holdings increasing by 17.42% over the previous quarter. However, the company's weak long-term growth prospects and negative EBITDA position it as a risky investment, which could temper enthusiasm despite recent gains.