Financial giants have made a conspicuous bearish move on DraftKings. Our analysis of options history for DraftKings DKNG revealed 8 unusual trades.
Delving into the details, we found 37% of traders were bullish, while 62% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $140,040, and 6 were calls, valued at $232,652.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $40.0 to $45.0 for DraftKings over the recent three months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $40.0 to $45.0 in the last 30 days.
DraftKings Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| DKNG | PUT | TRADE | NEUTRAL | 03/15/24 | $41.00 | $83.0K | 10.0K | 499 |
| DKNG | CALL | SWEEP | BEARISH | 04/19/24 | $44.00 | $60.0K | 7.5K | 420 |
| DKNG | PUT | SWEEP | BEARISH | 03/15/24 | $41.00 | $56.9K | 10.0K | 2.1K |
| DKNG | CALL | SWEEP | BEARISH | 05/17/24 | $45.00 | $48.0K | 8.7K | 202 |
| DKNG | CALL | TRADE | BULLISH | 01/17/25 | $40.00 | $38.7K | 10.4K | 43 |
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.
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.
Present Market Standing of DraftKings
- With a trading volume of 2,259,420, the price of DKNG is down by -0.46%, reaching $41.55.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 52 days from now.
Expert Opinions on DraftKings
5 market experts have recently issued ratings for this stock, with a consensus target price of $55.2.
- An analyst from Needham persists with their Buy rating on DraftKings, maintaining a target price of $54.
- An analyst from BMO Capital persists with their Outperform rating on DraftKings, maintaining a target price of $51.
- An analyst from UBS has decided to maintain their Buy rating on DraftKings, which currently sits at a price target of $56.
- Consistent in their evaluation, an analyst from Oppenheimer keeps a Outperform rating on DraftKings with a target price of $60.
- An analyst from Oppenheimer persists with their Outperform rating on DraftKings, maintaining a target price of $55.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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