Investors with a lot of money to spend have taken a bullish stance on DraftKings DKNG.
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with DKNG, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 14 options trades for DraftKings.
This isn't normal.
The overall sentiment of these big-money traders is split between 64% bullish and 28%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $77,220, and 13, calls, for a total amount of $734,857.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $47.0 for DraftKings over the recent three months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for DraftKings options trades today is 1833.88 with a total volume of 4,993.00.
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 $47.0 over the last 30 days.
DraftKings Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DKNG | CALL | SWEEP | BULLISH | 01/17/25 | $4.25 | $4.1 | $4.25 | $37.00 | $223.1K | 5.9K | 241 |
| DKNG | CALL | SWEEP | BULLISH | 01/17/25 | $11.2 | $11.15 | $11.2 | $30.00 | $112.0K | 4.7K | 22 |
| DKNG | CALL | TRADE | BEARISH | 01/16/26 | $6.45 | $6.35 | $6.35 | $47.00 | $95.8K | 931 | 0 |
| DKNG | PUT | TRADE | BULLISH | 01/16/26 | $7.2 | $7.15 | $7.15 | $42.00 | $77.2K | 152 | 119 |
| DKNG | CALL | TRADE | BULLISH | 01/17/25 | $4.25 | $4.15 | $4.25 | $37.00 | $34.8K | 5.9K | 1.3K |
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.
Where Is DraftKings Standing Right Now?
- With a trading volume of 3,478,922, the price of DKNG is up by 3.19%, reaching $41.27.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 29 days from now.
What The Experts Say On DraftKings
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $49.333333333333336.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Susquehanna persists with their Positive rating on DraftKings, maintaining a target price of $54. * An analyst from Benchmark has revised its rating downward to Buy, adjusting the price target to $44. * Consistent in their evaluation, an analyst from JMP Securities keeps a Market Outperform 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.
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