Could be that it is not being perceived as a huge growth stock, as it once was. The failure to get back over 30 on the recent rally does not bode well. If it starts making lower lows and lower highs over the next few weeks, especially after earnings, look for 23 soon, IMO.
Its going to be really tough for these teen retailers to grow much, with teens having a terrible time getting Summer jobs, and Dad's pocket book drying up rapidly. ZUMZ has decent values, so they may do better than some, but not much.