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Financial giants have made a conspicuous bearish move on DraftKings. Our analysis of options history for DraftKings (NASDAQ:DKNG) revealed 10 unusual trades.
Delving into the details, we found 20% of traders were bullish, while 60% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $197,276, and 5 were calls, valued at $266,519.
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $28.0 to $50.0 for DraftKings over the last 3 months.
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 $28.0 to $50.0 over the preceding 30 days.
Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
---|---|---|---|---|---|---|---|---|---|---|---|
DKNG | CALL | TRADE | BEARISH | 01/16/26 | $14.5 | $14.4 | $14.4 | $30.00 | $97.9K | 133 | 0 |
DKNG | CALL | SWEEP | BEARISH | 09/20/24 | $3.7 | $3.6 | $3.6 | $38.00 | $59.4K | 7.6K | 15 |
DKNG | CALL | TRADE | NEUTRAL | 09/20/24 | $3.5 | $3.4 | $3.45 | $38.00 | $51.4K | 7.6K | 212 |
DKNG | PUT | TRADE | NEUTRAL | 08/16/24 | $13.05 | $12.7 | $12.85 | $50.00 | $51.4K | 184 | 0 |
DKNG | PUT | SWEEP | BULLISH | 07/05/24 | $0.38 | $0.27 | $0.35 | $37.50 | $44.2K | 1.0K | 678 |
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.
Following our analysis of the options activities associated with DraftKings, we pivot to a closer look at the company's own performance.
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $54.6.
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.
Posted In: DKNG