Deep-pocketed investors have adopted a bullish approach towards DraftKings ( DKNG ) , and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in DKNG usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 21 extraordinary options activities for DraftKings ( DKNG ). This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 57% leaning bullish and 38% bearish. Among these notable options, 8 are puts, totaling $564,215, and 13 are calls, amounting to $467,793.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $20.0 to $50.0 for DraftKings ( DKNG ) during the past quarter.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for DraftKings ( DKNG ) options trades today is 5557.75 with a total volume of 8,433.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for DraftKings's ( DKNG ) big money trades within a strike price range of $20.0 to $50.0 over the last 30 days.

DraftKings Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

About DraftKings

DraftKings ( DKNG ) 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 where it competes. DraftKings ( DKNG ) is now live with online or retail sports betting in 28 states and i-gaming in 5 states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company also operates a non-fungible token commission-based marketplace and develops and licenses online gaming products.

Following our analysis of the options activities associated with DraftKings ( DKNG ), we pivot to a closer look at the company's own performance.

Present Market Standing of DraftKings

With a volume of 7,467,357, the price of DKNG is up 1.08% at $30.92.

RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.

Next earnings are expected to be released in 3 days.

What Analysts Are Saying About DraftKings

In the last month, 5 experts released ratings on this stock with an average target price of $49.6.

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* Consistent in their evaluation, an analyst from Mizuho keeps a Outperform rating on DraftKings ( DKNG ) with a target price of $54.

* An analyst from Jefferies persists with their Buy rating on DraftKings ( DKNG ), maintaining a target price of $51.

* An analyst from Stifel has decided to maintain their Buy rating on DraftKings ( DKNG ), which currently sits at a price target of $50.

* Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on DraftKings ( DKNG ) with a target price of $50.

* In a positive move, an analyst from Berenberg has upgraded their rating to Buy and adjusted the price target to $43.

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 ( DKNG ) options trades with real-time alerts from Benzinga Pro.