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 10 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 $223,160 and 8, calls, for a total amount of $658,222.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $44.0 to $60.0 for DraftKings during the past quarter.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in DraftKings's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to DraftKings's substantial trades, within a strike price spectrum from $44.0 to $60.0 over the preceding 30 days.
DraftKings Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| DKNG | PUT | SWEEP | BEARISH | 06/21/24 | $50.00 | $186.9K | 384 | 0 |
| DKNG | CALL | SWEEP | BEARISH | 01/16/26 | $60.00 | $174.5K | 68 | 1.6K |
| DKNG | CALL | SWEEP | BULLISH | 01/16/26 | $60.00 | $127.4K | 68 | 550 |
| DKNG | CALL | SWEEP | BULLISH | 01/16/26 | $60.00 | $122.9K | 68 | 884 |
| DKNG | CALL | TRADE | BULLISH | 01/16/26 | $60.00 | $75.9K | 68 | 650 |
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.
Where Is DraftKings Standing Right Now?
- Currently trading with a volume of 4,670,305, the DKNG's price is up by 0.77%, now at $42.1.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 45 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 $52.6.
- Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on DraftKings with a target price of $41.
- Consistent in their evaluation, an analyst from Needham keeps a Buy rating on DraftKings with a target price of $54.
- An analyst from Truist Securities has revised its rating downward to Buy, adjusting the price target to $55.
- An analyst from Oppenheimer persists with their Outperform rating on DraftKings, maintaining a target price of $60.
- Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for DraftKings, targeting a price of $53.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for DraftKings, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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