High-rolling investors have positioned themselves bullish on DraftKings DKNG, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in DKNG often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for DraftKings. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $27,300, and 7 calls, totaling $227,593.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $44.0 for DraftKings over the last 3 months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of DraftKings stands at 2253.88, with a total volume reaching 154.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in DraftKings, situated within the strike price corridor from $20.0 to $44.0, throughout the last 30 days.
DraftKings Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DKNG | CALL | SWEEP | BEARISH | 02/21/25 | $4.3 | $4.2 | $4.2 | $44.00 | $39.4K | 0 | 0 |
| DKNG | CALL | SWEEP | BULLISH | 08/16/24 | $18.3 | $18.2 | $18.3 | $20.00 | $38.4K | 54 | 17 |
| DKNG | CALL | SWEEP | BULLISH | 06/20/25 | $9.25 | $9.2 | $9.25 | $37.00 | $37.0K | 175 | 1 |
| DKNG | CALL | TRADE | BULLISH | 06/20/25 | $7.4 | $7.3 | $7.4 | $40.00 | $37.0K | 275 | 0 |
| DKNG | PUT | SWEEP | BULLISH | 08/16/24 | $3.6 | $3.5 | $3.5 | $40.00 | $27.3K | 904 | 78 |
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 or retail sports betting in 27 states and iGaming in seven states, 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.
Having examined the options trading patterns of DraftKings, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
DraftKings's Current Market Status
- With a trading volume of 2,993,013, the price of DKNG is up by 2.21%, reaching $38.7.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 17 days from now.
Professional Analyst Ratings for DraftKings
In the last month, 5 experts released ratings on this stock with an average target price of $53.2.
- Maintaining their stance, an analyst from Oppenheimer continues to hold a Outperform rating for DraftKings, targeting a price of $58.
- An analyst from Stifel persists with their Buy rating on DraftKings, maintaining a target price of $50.
- Maintaining their stance, an analyst from Guggenheim continues to hold a Buy rating for DraftKings, targeting a price of $52.
- An analyst from Wells Fargo persists with their Overweight rating on DraftKings, maintaining a target price of $53.
- An analyst from Barclays persists with their Overweight rating on DraftKings, maintaining a target 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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