as a general rule, if someone buys stock, market makers sell short to fill the order — especially if it is large.
then he hedges his short w/options.
There’s no liquid options market in most stocks, especially middle market and lower case. Market markers may sell short to fill an order, but have no way to hedge that exposure. Practically speaking, they must carry a long position if they’re going to be active market makers.
Lower cap, not lower case.