Deep-pocketed investors have adopted a bearish approach towards DraftKings DKNG, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in DKNG usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 16 extraordinary options activities for DraftKings. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 18% leaning bullish and 75% bearish. Among these notable options, 8 are puts, totaling $431,391, and 8 are calls, amounting to $369,331.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $25.0 and $45.0 for DraftKings, spanning the last three months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for DraftKings's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across DraftKings's significant trades, within a strike price range of $25.0 to $45.0, over the past month.
DraftKings 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DKNG | PUT | TRADE | BEARISH | 03/28/25 | $2.3 | $2.25 | $2.3 | $44.00 | $109.2K | 249 | 1 |
| DKNG | PUT | TRADE | BULLISH | 02/28/25 | $1.79 | $1.7 | $1.7 | $45.00 | $80.7K | 2.8K | 496 |
| DKNG | CALL | SWEEP | BEARISH | 05/16/25 | $3.35 | $3.3 | $3.3 | $44.00 | $69.3K | 1.0K | 212 |
| DKNG | PUT | SWEEP | BULLISH | 05/16/25 | $3.1 | $3.05 | $3.05 | $42.00 | $56.7K | 549 | 0 |
| DKNG | CALL | SWEEP | NEUTRAL | 08/15/25 | $6.35 | $6.25 | $6.3 | $42.00 | $56.7K | 244 | 180 |
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 25 states and iGaming in five states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company also operates a non-fungible token commissioned-based marketplace and develops and licenses online gaming products.
Present Market Standing of DraftKings
- Trading volume stands at 1,525,871, with DKNG's price up by 1.18%, positioned at $43.25.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 62 days.
Professional Analyst Ratings for DraftKings
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $57.6.
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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 Morgan Stanley persists with their Overweight rating on DraftKings, maintaining a target price of $53. * Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for DraftKings, targeting a price of $60. * Maintaining their stance, an analyst from Needham continues to hold a Buy rating for DraftKings, targeting a price of $65. * An analyst from JMP Securities has revised its rating downward to Market Outperform, adjusting the price target to $50. * Maintaining their stance, an analyst from JMP Securities continues to hold a Market Outperform rating for DraftKings, targeting a price of $60.
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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