The other thing you should be sure to check is that both the laserpointer and thing you want to point at have GenerateOverlap events enables and that they both have collision presences that will overlap with each other, such as “Overlap all dynamic”. Alternatively try “OnComponentBeginOverlap” as your laser pointer is likely a component of the hand controller actor. This may work well enough for you, however I believe it may be easier in the long run to use a custom trace channel.
Using a “LineTraceByChannel”, then spawn you’re text component if you get a trace hit and at the location of the hit. You want the trace to start at the controller and end where the laserpointer ends. For easier access you can set up a custom trace channel in Project Settings → Collision. Create a new custom trace channel and set the default response to ignore, then on the actors you want the trace to hit set their trace preference to block your custom channel under their collision settings. This will make your laser pointer much more selective, to pick up only the actors you want it to.
I’m not sure what you’re asking in your second question, can you rephrase or provide screen shot context?