If you look at the acquisition side you'll see a matching BUY transaction for every sale. These are all stock option exercises. If you're an employee, and your options are significantly in the money, you'd be a fool not to exercise them. I don't think this is a reflection of their opinion on the company's future. They didn't invest in it and are now pulling out. It's just free money for them, part of their compensation package.
That being said, all those stock grants and options will dilute shareholder value in the long term. I don't think the revenue growth will last at this pace.
"A class-action complaint filed against Travelzoo, Inc. (Travelzoo) in the US District Court for the Southern District of New York was recently dismissed. The complaint alleged that Travelzoo made misstatements in its Securities and Exchange Commission filings and press releases about its competition from other companies and potential for growth when it failed to disclose that its recently launched “Local Deals Getaways” business (Getaways) would compete directly with its core travel business."
Use a search of your choice to find the article, as Yahoo doesn't let me post links.