buy in $5.25 range and sell in $5.75 range continues to work well. if you feel good about shorting, you can likewise turnaround and short in $5.75 range and cover in $5.25 range. I'm more comfortable regarding the long trade - have done it 5 or 6 times now over past few months.
While you are right that they don't pump the stock like they could through fluff PRs, the story is crystal clear for those paying attention to the recent 8-k announcing the very favorable terms of the new credit facility.
A 5% move does not warrant a short. Shares of Skullcandy are undervalued to slightly fairly-valued right now depending on your outlook of the future. There are plenty of other companies out there that are over valued and warrant of shorting.