Transferring between multiple universities can impact graduate school applications, but it is not necessarily detrimental. Key factors that graduate programs prioritize include the reputation of the universities attended, the quality of undergraduate research, letters of recommendation, overall GPA, and performance on the Physics GRE. If the transfer reflects a downward shift in academic rigor, it may raise concerns about the applicant's motivations. However, if the applicant meets graduation requirements and has strong credentials in other areas, attending two or three institutions should not be a significant issue, especially when applying to graduate schools of similar or lower tiers.