You could create an animation with various ways and play it, but you can use a timeline to move the component if that’s gonna be easier for you.
Just create a new timeline, then double click on it, inside, create a new float track, add 4 keys to it and align them to draw something like a sine wave (once you’re done with the key placements, you can select them all, right click on one of them and select the Break option), then you can close the timeline window, in your Event Graph, drag your component from the Components window, drag an Add Local Offset node out of it, right click on the Delta Location pin of the node and hit the Split Struct Pin option, connect the float track pin of our timeline to the exposed Z component of the delta location, and finally connect the Update output exec pin of our timeline to the Add Local Offset node.
Hope this helps! 