One interpretation is that the raven's feathers have been damaged or plucked out, which could symbolize loss or defeat. Another interpretation is that the raven's feathers have been shaved off deliberately, which could symbolize humiliation or degradation. Finally, it could also be interpreted more figuratively, to mean that the raven's pride or arrogance has been stripped away.
No matter how it is interpreted, the line "though thy crest be shorn and shaven" creates a sense of mystery and foreboding about the raven. It suggests that the raven has a hidden history or agenda, and that the speaker is not entirely sure what to make of it.