Market Whales and Their Recent Bets on DKNG Options

Whales with a lot of money to spend have taken a noticeably bullish 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 50% of the investors opened trades with bullish expectations and 50% with bearish.

From the overall spotted trades, 2 are puts, for a total amount of $76,703 and 12, calls, for a total amount of $1,567,567.

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What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $12.5 and $45.0 for DraftKings, spanning the last three months.

Insights into Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $12.5 to $45.0 in the last 30 days.

DraftKings Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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 sports betting in 21 states (44% of the U.S. population) and iGaming in five states (11% of U.S.), 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.

Following our analysis of the options activities associated with DraftKings, we pivot to a closer look at the company's own performance.

Present Market Standing of DraftKings

• Currently trading with a volume of 5,035,547, the DKNG's price is up by 0.44%, now at $38.44.
• RSI readings suggest the stock is currently may be overbought.
• Anticipated earnings release is in 77 days.

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 $46.2.

• An analyst from Needham downgraded its action to Buy with a price target of $50.
• An analyst from UBS persists with their Buy rating on DraftKings, maintaining a target price of $44.
• An analyst from Needham downgraded its action to Buy with a price target of $50.
• An analyst from Truist Securities has decided to maintain their Buy rating on DraftKings, which currently sits at a price target of $45.
• Consistent in their evaluation, an analyst from Susquehanna keeps a Positive rating on DraftKings with a target price of $42.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest DraftKings options trades with real-time alerts from Benzinga Pro.