Whales with a lot of money to spend have taken a noticeably bearish stance on DraftKings.
Looking at options history for DraftKings DKNG we detected 17 trades.
If we consider the specifics of each trade, it is accurate to state that 41% of the investors opened trades with bullish expectations and 47% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $191,458 and 12, calls, for a total amount of $605,493.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $50.0 for DraftKings over the last 3 months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for DraftKings options trades today is 4055.14 with a total volume of 5,776.00.
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 $30.0 to $50.0 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 | 01/16/26 | $7.65 | $7.5 | $7.5 | $40.00 | $130.5K | 897 | 232 |
| DKNG | CALL | TRADE | BULLISH | 06/20/25 | $3.5 | $3.35 | $3.45 | $45.00 | $86.2K | 381 | 250 |
| DKNG | CALL | SWEEP | BEARISH | 02/21/25 | $5.95 | $5.8 | $5.8 | $34.00 | $63.8K | 584 | 1 |
| DKNG | CALL | SWEEP | BEARISH | 09/06/24 | $1.01 | $0.87 | $1.01 | $34.50 | $45.0K | 3.0K | 2.2K |
| DKNG | CALL | TRADE | BEARISH | 01/16/26 | $7.65 | $7.5 | $7.5 | $40.00 | $43.5K | 897 | 0 |
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 27 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.
In light of the recent options history for DraftKings, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is DraftKings Standing Right Now?
- With a volume of 5,391,631, the price of DKNG is up 0.64% at $35.96.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 55 days.
Professional Analyst Ratings for DraftKings
In the last month, 5 experts released ratings on this stock with an average target price of $50.4.
- An analyst from Benchmark persists with their Buy rating on DraftKings, maintaining a target price of $44.
- An analyst from Truist Securities has decided to maintain their Buy rating on DraftKings, which currently sits at a price target of $50.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $60.
- Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for DraftKings, targeting a price of $48.
- An analyst from Macquarie persists with their Outperform rating on DraftKings, maintaining a target price of $50.
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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