Financial giants have made a conspicuous bullish move on DraftKings. Our analysis of options history for DraftKings DKNG revealed 8 unusual trades.
Delving into the details, we found 62% of traders were bullish, while 37% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $145,297, and 4 were calls, valued at $480,753.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $32.0 and $55.0 for DraftKings, spanning the last three months.
Analyzing 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 $32.0 to $55.0 in the last 30 days.
DraftKings Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| DKNG | CALL | TRADE | BULLISH | 05/17/24 | $32.00 | $245.5K | 1.6K | 250 |
| DKNG | CALL | SWEEP | BEARISH | 01/16/26 | $35.00 | $153.5K | 178 | 100 |
| DKNG | PUT | TRADE | BULLISH | 03/01/24 | $40.00 | $51.0K | 826 | 1.0K |
| DKNG | CALL | TRADE | BULLISH | 06/21/24 | $40.00 | $48.8K | 5.5K | 0 |
| DKNG | PUT | TRADE | BULLISH | 05/17/24 | $48.00 | $42.3K | 3.0K | 68 |
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 24 states (46% of the U.S. population) and iGaming in seven 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.
In light of the recent options history for DraftKings, it's now appropriate to focus on the company itself. We aim to explore its current performance.
DraftKings's Current Market Status
- Trading volume stands at 6,796,129, with DKNG's price up by 3.24%, positioned at $42.07.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 70 days.
What The Experts Say On 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 $52.8.
- An analyst from Needham downgraded its action to Buy with a price target of $50.
- Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on DraftKings with a target price of $51.
- An analyst from Oppenheimer persists with their Outperform rating on DraftKings, maintaining a target price of $55.
- In a cautious move, an analyst from Truist Securities downgraded its rating to Buy, setting a price target of $55.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on DraftKings with a target price of $53.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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