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Check Out What Whales Are Doing With DKNG

Someone with a lot of money to spend has taken a bearish stance on DraftKings DKNG.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don’t know. But when something this big happens with DKNG, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga‘s options scanner spotted 13 uncommon options trades for DraftKings.

This isn’t normal.

The overall sentiment of these big-money traders is split between 46% bullish and 53%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $180,750, and 10 are calls, for a total amount of $1,032,504.

What’s The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $14.5 to $40.0 for DraftKings over the last 3 months.

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 $14.5 to $40.0 in the last 30 days.

DraftKings Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
DKNG CALL TRADE BEARISH 08/05/22 $14.50 $351.0K 13.0K 5.1K
DKNG CALL SWEEP NEUTRAL 08/05/22 $14.50 $184.3K 13.0K 2.0K
DKNG CALL SWEEP BULLISH 08/05/22 $14.50 $183.7K 13.0K 3.1K
DKNG CALL SWEEP BEARISH 08/05/22 $17.00 $87.6K 4.3K 2.2K
DKNG PUT SWEEP BEARISH 01/20/23 $35.00 $72.9K 9.2K 63
Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
DKNG CALL TRADE BEARISH 08/05/22 $14.50 $351.0K 13.0K 5.1K
DKNG CALL SWEEP NEUTRAL 08/05/22 $14.50 $184.3K 13.0K 2.0K
DKNG CALL SWEEP BULLISH 08/05/22 $14.50 $183.7K 13.0K 3.1K
DKNG CALL SWEEP BEARISH 08/05/22 $17.00 $87.6K 4.3K 2.2K
DKNG PUT SWEEP BEARISH 01/20/23 $35.00 $72.9K 9.2K 63

Where Is DraftKings Standing Right Now?

  • With a volume of 10,737,693, the price of DKNG is up 7.19% at $16.48.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 2 days.

What The Experts Say On DraftKings:

  • Citigroup has decided to maintain their Buy rating on DraftKings, which currently sits at a price target of $20.
  • Truist Securities has decided to maintain their Hold rating on DraftKings, which currently sits at a price target of $16.

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.

This post was originally published on this site

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