In a drawing app, "move" typically means changing the position of an element in the 2D canvas, i.e. its X/Y coordinates; however, in Okso this menu seems to be about moving them in Z (depth).
I would suggest changing the nomenclature to something like "Order" (like in Google Slides), "Raise"/"Lower" (to use the Inkscape's terminology), "Reorder" (as per the title of the feature in the Showcase, https://okso.app/showcase) or "Depth" (as was used in the feature request, https://okso.canny.io/feedback/p/depth-reordering-for-shapes).