DraftKings Inc (NASDAQ:DKNG) stock has been consolidating above the $48 level since late September. However, last session's drop sent the stock below that level, as well as all short-term moving averages. In the past six months, DraftKings stock is down 21%. At last check, DKNG was up 1.4% to trade at $46.76.

In the options pits so far today, 99,000 calls and 20,000 puts have crossed the tape. The most popular is the weekly 11/5 50-strike call, followed by the November 55 call, with new positions being opened at the former.

Meanwhile, there is plenty of short-covering potential. Short interest makes up 8.5% of the stock's available float, or nearly three days' worth of pent-up buying power.

The majority of analysts are bullish on DKNG. Of the 17 analysts in coverage, 11 carry a "strong buy" rating, five sport a "hold," and one a "strong sell." Plus, the 12-month consensus price target of $69.80 is a 49.3% premium to current levels