Financial giants have made a conspicuous bearish move on DraftKings. Our analysis of options history for DraftKings DKNG revealed 11 unusual trades.
Delving into the details, we found 45% of traders were bullish, while 54% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $279,628, and 5 were calls, valued at $349,356.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $28.0 to $44.0 for DraftKings over the last 3 months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for DraftKings options trades today is 2216.67 with a total volume of 2,646.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for DraftKings's big money trades within a strike price range of $28.0 to $44.0 over the last 30 days.
DraftKings 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DKNG | CALL | TRADE | BEARISH | 09/20/24 | $4.05 | $3.9 | $3.95 | $33.00 | $197.5K | 14.5K | 500 |
| DKNG | PUT | SWEEP | BULLISH | 10/18/24 | $3.3 | $3.2 | $3.2 | $38.00 | $75.5K | 270 | 0 |
| DKNG | PUT | SWEEP | BULLISH | 06/20/25 | $8.0 | $7.9 | $7.9 | $40.00 | $62.4K | 147 | 1 |
| DKNG | CALL | SWEEP | BEARISH | 08/30/24 | $5.3 | $5.2 | $5.2 | $31.00 | $52.0K | 405 | 101 |
| DKNG | CALL | TRADE | BEARISH | 09/06/24 | $8.1 | $8.0 | $8.04 | $28.00 | $48.2K | 62 | 60 |
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 or retail sports betting in 25 states and iGaming in seven states, 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.
DraftKings's Current Market Status
- Trading volume stands at 1,116,443, with DKNG's price down by -1.53%, positioned at $35.81.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 66 days.
What The Experts Say On DraftKings
5 market experts have recently issued ratings for this stock, with a consensus target price of $51.8.
- In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $60.
- Consistent in their evaluation, an analyst from Susquehanna keeps a Positive rating on DraftKings with a target price of $47.
- Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on DraftKings with a target price of $47.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for DraftKings, targeting a price of $50.
- An analyst from Oppenheimer has decided to maintain their Outperform rating on DraftKings, which currently sits at a price target of $55.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest DraftKings options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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