Despite increasing sales of its electronic funds transfer software, including two large contracts announced recently, Fundtech Ltd. is in the doghouse among investors.

The Jersey City company's initial public offering of three million shares was priced at $11 last March and the price quickly rose to $26. "It was a high-flier, a high-performing IPO," said Michael Nemeroff, analyst at Lehman Brothers of New York, which co-managed the offering.

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