DraftKings Shares Surge As Options Activity Spikes, Traders See More Upside Ahead
Portfolio Pulse from Lisa Levin
DraftKings Inc. (NASDAQ:DKNG) shares rose sharply on Monday, with options trading at 2.4x its average daily volume. Calls outpaced puts by 3 to 1, indicating traders expect the stock to move higher by the end of the week. DraftKings recently announced it is no longer pursuing an acquisition of the U.S. business of PointsBet.
July 11, 2023 | 12:27 pm
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POSITIVE IMPACT
Increased options activity and positive sentiment among traders suggest potential upside for DraftKings in the short term.
The surge in DraftKings' share price, coupled with the increased options activity and the ratio of calls to puts, indicates a bullish sentiment among traders. This could potentially drive the stock price higher in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100