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1 Tech Stock to Buy on the Dip Today

E Automotive (TSX:EINC) is a Toronto-based company that provides a digital auction and retailing platform for automotive wholesale and retail customers in Canada and the United States. Shares of this tech stock were down 6.9% in late afternoon trading on January 24. The stock has plunged 39% in the year-over-year period.

The stock was launched on the TSX in November 2021. It also unveiled its third quarter 2021 earnings on November 12. E Automotive delivered revenue of $19.8 million – up 108% from the previous year. Meanwhile, gross transaction value increased 129% to $538 million. Moreover, vehicles transacted climbed 84% to 41,970.

Investors should be encouraged by the space E Automotive has carved out in the early going. It made further progress in Canada with its acquisitions of TradeHelper and ESP Auctions, strengthening its presence in the province of Quebec. Meanwhile, it has also established scale in the western United States. E Automotive has capital left over to further expand south of the border in the quarters ahead.

E Automotive is geared up for strong revenue growth going forward. Last year, Fortune Business Insights projected that the automotive e-commerce market would grow from $51 billion in 2021 to $202 billion in 2028. That would represent a strong CAGR of 21%.

Shares of E Automotive last had an RSI of 22. That puts this stock in technically oversold territory at the time of this writing.