Behind the Scenes of DraftKings's Latest Options Trends
Portfolio Pulse from Benzinga Insights
DraftKings (NASDAQ:DKNG) has seen a notable increase in options trading activity, with a bullish sentiment from high-rolling investors. Benzinga's options scanner revealed 28 significant trades, predominantly calls, indicating a target price range of $16.0 to $60.0. The company, a leader in online sports and casino gambling, is live with sports betting in 24 states and iGaming in seven. Despite a recent -1.63% drop in stock price to $40.19, analysts maintain positive ratings, with an average target price of $54.0.
April 25, 2024 | 3:15 pm
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POSITIVE IMPACT
DraftKings has experienced increased options trading activity, with a bullish sentiment from investors. Analysts maintain positive ratings, with an average target price of $54.0, despite a recent price drop.
The significant options trading activity, especially the bullish sentiment and the high volume of calls, suggests investor confidence in DraftKings's future performance. Analysts' positive ratings and target prices support this outlook, indicating a potential short-term price increase. However, the recent price drop and the upcoming earnings announcement add some uncertainty, hence the confidence score is not at the maximum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100