You sure can. Whether you want to consolidate and tidy things up, or if you have a process of moving things to different folders, you can easily move a project from it's current folder to a new one. To get started, simply:
- Click the "Settings" in the Project
- Click the "Edit Settings"
- Select Folder dropdown
- Pick new folder (or create a new one).
- Click "Save" and you're all set!
See it action below.