The Active Network, Inc. (NYSE: ACTV) has been public less than one year and some insiders are partially cashing out. An SEC filing on Friday showed that a proposed share sale was being registered on behalf of selling stockholders for shares which were privately issued to the selling stockholders in connection with a merger transaction and a private placement. The sellers are mostly venture and private equity backers. This stock closed down 2.3% at $14.59 and this $20+ million in shares being registered for sale compares to a market cap of $791 million. What we find so interesting about this company is that the company loses money and is expected to have an annual loss in 2011 and 2012. Should it be worth almost $800 million or two-times expected sales in 2012? Maybe, but maybe not.
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