Tesla Motors Inc.’s inability to roll out its new Model X quickly led to a big cut in J.P. Morgan’s estimate for fourth-quarter earnings, and the carmaker’s stock dropped to its lowest price in months Monday.

Tesla TSLA, +4.42% declined 3.1% to $196.38, the lowest closing price since April 2015. The move came after J.P. Morgan auto analysts chopped estimates for Tesla’s profit by more than half because the company did not sell as many of its newest cars as the analysts expected.