Benzinga | Nov 19, 2021 12:17PM EST

What Are Whales Doing With DraftKings

A whale with a lot of money to spend has taken a noticeably bearish stance on DraftKings.

Looking at options history for DraftKings (NASDAQ:DKNG) we detected 16 strange trades.

If we consider the specifics of each trade, it is accurate to state that 43.75% of the investors opened trades with bullish expectations and 56.25% with bearish.

From the overall spotted trades, 10 are puts, for a total amount of $648,053.00 and 6, calls, for a total amount of $302,240.00.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $22.5 to $65.0 for DraftKings over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for DraftKings options trades today is 8405.93 with a total volume of 14,742.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for DraftKings's big money trades within a strike price range of $22.5 to $65.0 over the last 30 days.

DraftKings Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestDKNG PUT SWEEP BEARISH 01/21/ $35.00 $192.3K 22.0K 5.2K 22DKNG CALL TRADE NEUTRAL 01/19/ $25.00 $110.5K 470 66 24DKNG PUT SWEEP BEARISH 01/21/ $35.00 $89.7K 22.0K 3.7K 22DKNG PUT TRADE BULLISH 01/19/ $22.50 $74.0K 223 200 24DKNG PUT SWEEP BEARISH 02/18/ $40.00 $61.5K 5.0K 112 22

Where Is DraftKings Standing Right Now?

* With a volume of 7,487,775.00, the price of DKNG is up 0.66% at $36.86.

* RSI indicators hint that the underlying stock may be oversold.

* Next earnings are expected to be released in 98 days.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.