I have almost the same concern. Though my DD5 is only in Kinder. She started out the year in the 94th percentile and ended at 83rd percentile. Her RIT score only went up 9 points over the year. (The projected growth was 13). I know she is still young, but I have a slight concern.
To make it more frustrating, several months ago I emailed her teacher and asked what and how much she was reading independently in school and how much she should be reading. I also asked if there were any concerns on her part. (I had suspected dyslexia, but that does not look to be the case now.) Anyway, the teacher replied to me by saying "don't worry about it".

My DD will read a list of words just fine, but if you ask her to read a book, she will refuse. I think that she just wants to hear a story fluently. And because she is not fluent yet, she refuses to try.