Investors with a lot of money to spend have taken a bullish stance on DraftKings ( DKNG ) .

And retail traders should know.

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

Whether these are institutions or just wealthy individuals, 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 these investors just did?

Today, Benzinga's options scanner spotted 11 uncommon options trades for DraftKings ( DKNG ).

This isn't normal.

The overall sentiment of these big-money traders is split between 54% bullish and 45%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $525,506, and 5 are calls, for a total amount of $246,080.

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 $30.0 to $40.0 for DraftKings ( DKNG ) 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 ( DKNG ) 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 ( DKNG ) whale trades within a strike price range from $30.0 to $40.0 in the last 30 days.

DraftKings 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

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 in which it competes. DraftKings ( DKNG ) is now live with online or retail sports betting in about 25 states and iGaming in five 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 commissioned-based marketplace and develops and licenses online gaming products.

Having examined the options trading patterns of DraftKings ( DKNG ), our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of DraftKings

Trading volume stands at 2,730,666, with DKNG's price down by -7.03%, positioned at $32.01.

RSI indicators show the stock to be may be approaching oversold.

Earnings announcement expected in 28 days.

What The Experts Say On DraftKings

Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $56.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.

* Reflecting concerns, an analyst from Citizens Capital Markets lowers its rating to Market Outperform with a new price target of $60.

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

* An analyst from Citizens Capital Markets has decided to maintain their Market Outperform rating on DraftKings ( DKNG ), which currently sits at a price target of $57.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for DraftKings ( DKNG ) with Benzinga Pro for real-time alerts.