Why is Waaree Energies falling/rising?

As of 20-Jun, Waaree Energies Ltd is experiencing a significant rise in its stock price, currently at 2,983.35, reflecting an increase of 311.15 or 11.64%. Today's price summary indicates that the stock has outperformed its sector by 10.09% and has shown a trend reversal after three consecutive days of decline. The stock reached an intraday high of Rs 3,025, marking a 13.2% increase. Additionally, Waaree Energies has demonstrated positive returns over the past week and month, with increases of 5.68% and 2.33%, respectively. The company's strong long-term fundamentals, including a robust average Return on Equity (ROE) of 23.17% and impressive growth in net sales and operating profit, contribute positively to its recent price movement. However, the stock's valuation appears expensive, with a Price to Book Value of 20.9, and there is a noted decrease in institutional investor participation, which could pose risks to its future performance.
Broader market context shows that while Waaree Energies has outperformed the Sensex in the short term, with a 1-week return of 5.68% compared to the Sensex's 1.59%, it has underperformed on a year-to-date basis, with returns of 4.50% against the Sensex's 5.46%. This suggests that while the stock is currently gaining traction, it may face challenges in maintaining its momentum in comparison to broader market trends. The decline in institutional investor stakes could also indicate a cautious outlook among more experienced market participants, which may affect the stock's future performance in the context of overall market dynamics.