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 14 trades.
If we consider the specifics of each trade, it is accurate to state that 28% of the investors opened trades with bullish expectations and 50% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $130,241 and 11, calls, for a total amount of $784,496.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $45.0 for DraftKings over the recent three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for DraftKings's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of DraftKings's whale trades within a strike price range from $30.0 to $45.0 in the last 30 days.
DraftKings Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DKNG | CALL | SWEEP | BEARISH | 05/16/25 | $9.1 | $9.05 | $9.05 | $38.00 | $137.5K | 368 | 153 |
| DKNG | CALL | SWEEP | BEARISH | 01/15/27 | $16.4 | $15.9 | $16.2 | $37.00 | $98.8K | 44 | 72 |
| DKNG | CALL | SWEEP | BULLISH | 01/17/25 | $3.9 | $3.8 | $3.9 | $42.00 | $97.5K | 16.9K | 296 |
| DKNG | CALL | SWEEP | BEARISH | 01/17/25 | $3.6 | $3.55 | $3.55 | $42.00 | $79.8K | 16.9K | 1.3K |
| DKNG | CALL | SWEEP | BEARISH | 01/17/25 | $3.8 | $3.75 | $3.75 | $42.00 | $73.1K | 16.9K | 760 |
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 about 30 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.
After a thorough review of the options trading surrounding DraftKings, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
DraftKings's Current Market Status
- With a trading volume of 4,258,596, the price of DKNG is up by 0.02%, reaching $43.22.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 85 days from now.
What Analysts Are Saying About DraftKings
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $54.6.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from TD Cowen keeps a Buy rating on DraftKings with a target price of $55. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for DraftKings, targeting a price of $48. * Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $60. * 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 Barclays keeps a Overweight rating on DraftKings with a target price of $50.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for DraftKings with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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