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Financial giants have made a conspicuous bearish move on DraftKings. Our analysis of options history for DraftKings (NASDAQ:DKNG) revealed 11 unusual trades.
Delving into the details, we found 45% of traders were bullish, while 54% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $279,628, and 5 were calls, valued at $349,356.
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 $44.0 for DraftKings over the last 3 months.
In terms of liquidity and interest, the mean open interest for DraftKings options trades today is 2216.67 with a total volume of 2,646.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for DraftKings's big money trades within a strike price range of $28.0 to $44.0 over the last 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 | 09/20/24 | $4.05 | $3.9 | $3.95 | $33.00 | $197.5K | 14.5K | 500 |
DKNG | PUT | SWEEP | BULLISH | 10/18/24 | $3.3 | $3.2 | $3.2 | $38.00 | $75.5K | 270 | 0 |
DKNG | PUT | SWEEP | BULLISH | 06/20/25 | $8.0 | $7.9 | $7.9 | $40.00 | $62.4K | 147 | 1 |
DKNG | CALL | SWEEP | BEARISH | 08/30/24 | $5.3 | $5.2 | $5.2 | $31.00 | $52.0K | 405 | 101 |
DKNG | CALL | TRADE | BEARISH | 09/06/24 | $8.1 | $8.0 | $8.04 | $28.00 | $48.2K | 62 | 60 |
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 25 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.
5 market experts have recently issued ratings for this stock, with a consensus target price of $51.8.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest DraftKings options trades with real-time alerts from Benzinga Pro.
Posted In: DKNG