DraftKings: What Options Activity and Big Traders Are Signaling
High-profile investors have turned notably bullish on DraftKings (NASDAQ: DKNG), a shift retail traders will want to watch closely. The signal isn’t guesswork; it shows up in publicly available options data, the kind of footprint big money tends to leave when key information or strong convictions are in play.
Today, our screens flagged unusually heavy options activity in DraftKings—well above typical flow and clearly out of line with recent patterns. That’s often a clue that expectations are changing.
Even so, sentiment isn’t one-note. Roughly 58% of observed trades lean bullish, while about 41% skew bearish. Within the standout moves: a single put worth $34,485 versus 11 calls totaling $637,438—a tilt toward calls by dollar value, even if conviction on direction remains mixed.
Price Levels Traders Are Targeting
Looking at where volume and open interest are stacking up, larger players appear to be positioning around a $30.00 to $38.00 range for DraftKings over the prior quarter. That band marks out the levels where traders seem most willing to place bets.
Why Volume and Open Interest Matter
Volume shows what changed hands today; open interest shows what’s still on the books. Together, they’re a practical way to assess liquidity, crowding, and where the market is focusing its attention. For DraftKings, that lens helps you evaluate how actively traders are engaging specific strikes and expirations.
Below is a concise view of recent call and put activity tied to larger (whale) trades within the highlighted strike range, pulled from the last 30 days of trading.
Recent Options Flow at a Glance
From the latest analytics on DraftKings’ options, here are notable prints that stood out:
Highlighted Options Trades
These records reflect a spectrum of positioning and tone, not a single view:
- Symbol: DKNG
- PUT/CALL: CALL
- Trade Type: SWEEP
- Sentiment: BEARISH
- Expiration: 09/20/24
- Ask: $0.78
- Bid: $0.76
- Price: $0.78
- Strike Price: $38.00
- Total Trade Price: $145.4K
- Open Interest: 8.4K
- Volume: 3.6K
- Symbol: DKNG
- PUT/CALL: CALL
- Trade Type: TRADE
- Sentiment: BEARISH
- Expiration: 12/18/26
- Ask: $12.7
- Bid: $12.5
- Price: $12.5
- Strike Price: $35.00
- Total Trade Price: $125.0K
- Open Interest: 1.2K
- Volume: 102
About DraftKings
Founded in 2012, DraftKings first made its name in daily fantasy sports. After the Supreme Court’s 2018 decision that allowed states to legalize online sports wagering, the company expanded into online sports betting and online casino gaming, frequently ranking among the top three by revenue in competitive states. DraftKings now offers online and retail sports betting in 27 states, and iGaming in seven states, with reach that extends to roughly 40% of Canadians. The company also operates an NFT-focused marketplace and develops and licenses online gaming products.
With that backdrop in mind, it’s worth pairing the options signals with a snapshot of DraftKings’ current trading setup and the latest on analyst expectations.
DraftKings Right Now: Trading Snapshot
- Shares are changing hands at a volume of 3,745,685, up about 0.17%, putting the stock at $36.17.
- RSI readings indicate the name may be edging toward overbought territory.
- The next earnings report is expected in approximately 51 days.
What Analysts Are Modeling
In the last 30 days, five analysts weighed in, landing on an average price target of $55.40.
- One analyst at Needham raised the rating to Buy and set a $60 target.
- Another Needham update also moved to Buy, likewise at a $60 target.
- A third Needham note reiterated the Buy stance with a $60 target.
- Truist Securities maintained a Buy rating and kept a $50 target.
- Morgan Stanley held an Overweight rating with a $47 target.
Options aren’t for everyone. They carry higher risk than simply owning shares, but they can offer flexibility and defined setups. Traders who use them well tend to stay disciplined: they manage position size, monitor risk, use multiple signals, and keep a close eye on how the market’s tone is shifting.
Frequently Asked Questions
1. What’s the current options sentiment around DraftKings?
It’s mixed. Recent flow shows about 58% of activity leaning bullish and roughly 41% bearish. Dollar-wise, calls dominated the standout prints, with one put at $34,485 versus 11 calls totaling $637,438, which hints at a tilt toward upside exposure even as views remain split.
2. Which price range are larger traders focusing on?
Positioning has clustered around the $30.00 to $38.00 band over the previous quarter. That range reflects where volume and open interest have been most active, signaling levels traders are watching for potential moves.
3. How is DKNG trading right now?
Shares are at $36.17, up about 0.17% on volume of 3,745,685. RSI suggests the stock may be nearing overbought territory, so short-term momentum looks firm but could be stretched.
4. What are analysts projecting for the stock?
Across five recent notes in the last 30 days, the average price target sits at $55.40. Individual calls include multiple Buy ratings from Needham at $60, a Buy from Truist Securities at $50, and an Overweight from Morgan Stanley at $47.
5. When is the next catalyst to watch?
The next earnings report is expected in approximately 51 days. In the meantime, unusual options activity and shifts in volume/open interest can provide early clues about changing expectations.
