Moving existing Win11 VM on external SSD

I currently have an existing 200GB windows 11 VM on my M2 macbook air.
I want to move it to my external SSD (Sandisk Extreme Portable SSD). Can I just move the "windows 11.pvm" to my SSD while parallels is not open?
Is there anything I have to be cautious with so that I don't lose any data etc?
Thank you very much in advance
 
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