DraftKings Inc (NASDAQ:DKNG) stock is up 2.5% to trade at $35.16 at last glance, after an upgrade from Wells Fargo to "overweight" from "equal weight," with a price-target hike to $49 from $31.
The majority of analysts leaned bullish toward DKNG coming into today, with 27 of the 33 in coverage sporting a "buy" or better rating. Additionally, the 12-month consensus target price of $45.38 is a 29.1% premium to current levels.
The equity sports a 19.9% six-month lead, with support stemming from its 40-day moving average. Despite today's pop, the $37.50 level remains a staunch level of pressure, rejecting rallies twice already this month.
Options traders have also been firmly optimistic of late, per the stock's 10-day call/put volume ratio of 7.29 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 85% of readings from the last year.
It's also worth noting that, with an elevated Schaeffer's Volatility Scorecard (SVS) of 94 out of 100, shares have consistently realized higher volatility than its options have priced in.
