Why is Ather Energy falling/rising?

As of 16-Sep, Ather Energy Ltd's stock price is currently at 556.40, reflecting an increase of 9.3 or 1.7%. The stock has been on a positive trend, gaining for the last four days and achieving a total return of 2.73% during this period. It has outperformed its sector by 0.79% today and has been trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. However, there are concerns regarding falling investor participation, as the delivery volume has decreased by 51.63% compared to the 5-day average. Additionally, while institutional holdings are high at 48.08% and have increased by 17.42% over the previous quarter, the company faces challenges such as operating losses and a high Debt to EBITDA ratio, indicating weak long-term fundamental strength.
In the broader market context, Ather Energy's stock has underperformed the benchmark Sensex over the past week, with a decline of 2.59% compared to the Sensex's gain of 1.58%. However, over the past month, Ather Energy has significantly outperformed the Sensex, with a return of 33.70% against the benchmark's 2.21%. This disparity highlights the stock's volatility and the mixed signals it presents to investors, particularly given its recent operating losses and negative EBITDA, which suggest a risky investment despite the recent price increase.