DraftKings's Options Frenzy: What You Need to Know
Portfolio Pulse from Benzinga Insights
DraftKings (NASDAQ:DKNG) has seen a significant options trading activity, indicating a mixed sentiment among investors, with 60% bearish and 40% bullish. The trading volume and open interest in options suggest a target price range of $23.0 to $50.0. DraftKings, a leader in online sports and casino gambling, is currently live in 24 states for sports betting and 7 for iGaming. Despite a slight decrease in stock price to $44.01, professional analysts have set a consensus target price of $54.4, with ratings ranging from Buy to Overweight.
May 07, 2024 | 5:16 pm
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NEUTRAL IMPACT
DraftKings has experienced notable options trading activity, with a bearish tilt among investors but still maintains positive analyst ratings with a consensus target price of $54.4.
The mixed sentiment from options trading and the slight stock price decrease could introduce short-term volatility. However, the strong analyst ratings and target price suggest underlying confidence in the company's fundamentals, potentially stabilizing the stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100