Any merit in retaking the SAT to increase transfer admissions chances?

I’m a sophomore majoring in Finance at a large state school in NJ. I initially intended to transfer into my sophomore year, but my HS resume was not particularly bolstered by one semester of college grades. However, by the end of this semester, I should have a 3.81 GPA. I took took the SAT at the very beginning of my junior year and did poorly relative to the average scores of where I would like to transfer. I studied minimally and was overwhelmingly under prepared. As it stands, I could certainly invest a great number of hours in studying for the SAT, while still receiving As in my classes and maintaining my EC participation. Do you think it’s advisable to retake the exam if I can greatly increase my score, perhaps even over the average ranges?

P.S. Some of the schools I intent to apply to are UPenn, NYU, UMichigan, Duke, etc. I am aware of the admissions chances for some of these schools, but they are only the most selective on my prospective list.

If you think you can perform above the averages of those competitive schools, then totally go for it. Having a low SAT/ACT will only hurt you, ESPECIALLY when applying to some of those institutions.

Keep in mind though, that Duke and UPenn are reaches for everybody.

Many colleges do not accept SATs taken while you are in college as it is an exam meant to be taken by HS students. Before you retake it do your research to see: 1) if your SATs are considered in the transfer admission process and 2) if so, will SATs re-taken in college be accepted.