Why is Ather Energy falling/rising?

As of 09-Sep, Ather Energy Ltd's stock price is rising, currently at Rs. 571.20, reflecting an increase of Rs. 50.7 or 9.74%. The stock has recently hit a new 52-week and all-time high of Rs. 602.7, demonstrating strong performance with a 14.86% increase over the past week and a remarkable 33.80% rise over the past month. Additionally, the stock has outperformed its sector by 9.94% today and has shown consecutive gains over the last three days, accumulating a total return of 17.11%. Despite these positive movements, the company faces challenges such as operating losses and a high Debt to EBITDA ratio, which indicate weak long-term fundamental strength. However, the increase in institutional holdings by 17.42% over the previous quarter suggests growing confidence among significant investors, which may be contributing to the stock's upward momentum.
In the broader market context, Ather Energy's short-term performance significantly outpaces the benchmark Sensex, which has only increased by 1.18% over the past week and 1.56% over the past month. This stark contrast highlights the stock's strong appeal relative to the overall market. The high volatility observed today, with an intraday volatility of 8.76%, indicates active trading and investor interest, further supporting the stock's rise. While the company has shown poor long-term growth and a negative EBITDA, the recent surge in stock price can be attributed to heightened investor participation and positive sentiment among institutional investors, suggesting a complex interplay between short-term gains and long-term concerns.