Financial giants have made a conspicuous bearish move on DraftKings. Our analysis of options history for DraftKings DKNG revealed 11 unusual trades.
Delving into the details, we found 27% of traders were bullish, while 72% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $579,347, and 8 were calls, valued at $468,243.
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Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $15.0 to $47.0 for DraftKings during the past quarter.
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 $15.0 to $47.0 in the last 30 days.
DraftKings Option Activity Analysis: 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 | BULLISH | 02/16/24 | $30.00 | $417.0K | 2.5K | 3.0K |
| DKNG | PUT | SWEEP | BEARISH | 01/17/25 | $47.00 | $120.8K | 17 | 0 |
| DKNG | CALL | SWEEP | BEARISH | 01/19/24 | $31.50 | $103.7K | 223 | 365 |
| DKNG | CALL | SWEEP | BEARISH | 01/19/24 | $31.50 | $68.0K | 223 | 871 |
| DKNG | CALL | TRADE | BEARISH | 01/19/24 | $15.00 | $61.6K | 4.7K | 10 |
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.
Present Market Standing of DraftKings
- With a volume of 4,521,430, the price of DKNG is down -2.23% at $32.83.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 43 days.
What The Experts Say On DraftKings
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $50.0.
- In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $50.
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.
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