Why is Waaree Energies falling/rising?

As of 03-Jul, Waaree Energies Ltd's stock price is currently at 2,992.10, reflecting an increase of 26.4, or 0.89%. The stock has shown a positive trend today, outperforming its sector by 0.39% and reversing a two-day decline. Over the past week, the stock has gained 1.51%, while it has increased by 3.64% over the past month. The company has demonstrated strong long-term fundamentals, with a notable average Return on Equity (ROE) of 23.17% and impressive growth in net sales and operating profit. However, the stock's valuation is considered expensive, with a high Price to Book Value ratio, and there has been a slight decrease in institutional investor participation, which may raise concerns among investors.
In the broader market context, Waaree Energies has outperformed the Sensex in the short term, with a 1W return of 1.51% compared to the benchmark's decline of 0.62%. While the stock has shown resilience and positive performance relative to the market, the decrease in institutional investor stakes and the high valuation could pose risks to its future performance. Despite these challenges, the company's recent positive financial results and strong growth metrics support its upward price movement.