DraftKings Shares Surge As Options Activity Spikes, Traders See More Upside Ahead

DraftKings Inc. DKNG shares rose sharply higher on Monday.

On CNBC’s "Options Action,"  Mike Khouw of Optimize Advisors said DraftKings traded at 2.4x its average daily options volume on Monday, with calls outpacing puts by 3 to 1.

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There were buyers of 9,706 of the July 14 weekly 28-calls at an average price of 67 cents per contract, Khouw mentioned.

Traders expect DraftKings stock to move higher by the end of the week.

DraftKings recently announced it is no longer pursuing an acquisition of the U.S. business of PointsBet.

Price Action: DraftKings shares jumped 8.3% to close at $28.86 on Monday, and added 0.5% in Tuesday's premarket trading session.

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