Whales with a lot of money to spend have taken a noticeably bullish stance on DraftKings.
Looking at options history for DraftKings DKNG we detected 15 trades.
If we consider the specifics of each trade, it is accurate to state that 53% of the investors opened trades with bullish expectations and 46% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $123,450 and 12, calls, for a total amount of $692,791.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $50.0 for DraftKings during the past quarter.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of DraftKings stands at 1770.64, with a total volume reaching 3,237.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in DraftKings, situated within the strike price corridor from $25.0 to $50.0, throughout the last 30 days.
DraftKings Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| DKNG | CALL | SWEEP | BEARISH | 08/16/24 | $40.00 | $191.8K | 8.2K | 2 |
| DKNG | CALL | SWEEP | BULLISH | 02/16/24 | $25.00 | $130.3K | 407 | 201 |
| DKNG | CALL | SWEEP | BEARISH | 12/19/25 | $40.00 | $72.4K | 196 | 70 |
| DKNG | PUT | SWEEP | BULLISH | 01/17/25 | $37.00 | $61.6K | 1.8K | 100 |
| DKNG | CALL | SWEEP | BULLISH | 02/02/24 | $38.00 | $57.3K | 550 | 727 |
About DraftKings
DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number two or three revenue share position across states in which it competes. DraftKings is now live with online sports betting in 21 states (44% of the U.S. population) and iGaming in five states (11% of U.S.), with both products available to around 40% of Canada's population. The company also operates a non-fungible token commissioned-based marketplace and develops and licenses online gaming products.
Following our analysis of the options activities associated with DraftKings, we pivot to a closer look at the company's own performance.
Present Market Standing of DraftKings
- With a trading volume of 6,119,862, the price of DKNG is up by 0.4%, reaching $38.09.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 23 days from now.
What Analysts Are Saying About DraftKings
4 market experts have recently issued ratings for this stock, with a consensus target price of $41.5.
- Showing optimism, an analyst from Stifel upgrades its rating to Buy with a revised price target of $45.
- In a cautious move, an analyst from BMO Capital downgraded its rating to Outperform, setting a price target of $43.
- An analyst from Needham downgraded its action to Buy with a price target of $50.
- An analyst from Exane BNP Paribas downgraded its action to Underperform with a price target of $28.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for DraftKings, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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