Yes. The recipient can sell their stock, buy more of a stock they already own, or buy other stocks. If the order is placed by 3 pm ET on a day the stock market is open, the stock will be bought or sold that day using the stock’s closing market price. (The cutoff time is a little earlier if the market is closing early, for example, on Thanksgiving or Christmas Eve.) In the case of a stock purchase, they’ll receive their stock that night. In the case of a stock sale, the cash proceeds will arrive in the account three business days later, under stock market rules.