"They do not know what they are missing."
Translation:Loro non sanno cosa si stanno perdendo.
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I also do not understand why 'si stanno perdendo' is used. According to wordreference, perdersi means to 'get lost' or 'lose one's way'. See http://www.wordreference.com/iten/perdere.
Probably si is used because this is si impersonale construction, with the impersonal or undefined subject 'si': what one is missing, 'si sta perdendo'; what you are missing, 'si sta perdendo'; what they are missing, 'si stanno perdendo'.