It is possible for someone to take both sides of a stock. it depends on the pricing for their outcome.

for example one could be long 100k shares @0.10 and when it went to the 60's they went short 100k @ 0.60....basically they have "locked in a 500% gain. If they do nothing else.

Futhermore, someone might see this stock as fluctuating over the next few months and would play the short position from .60 down to say .50...buy them back at 0.50 and make a .10 profit on the short side. Meanwhile keeping his long posiiton in the hope that it will rise past the 50 mark and continue. But they might see that as a long drawn out event so meanwhile they are playing the fluctuaitng market, thereby profiting on swings in both ditrections.