The camera's in the position of the taller friend, so we're getting Stu's look from his POV. This is the kid who seems to be the one Stu can most count on as an ally in, shall we say, interesting plans. Just as the friend does, the camera (along with us) watches Stu's expression gradually change from a questioning, "So, you with me in this?" to a satisfied, "Alri-i-i-i-ght."
For a number of his characters (Frodo included), Elijah tends to use very slightly parted lips as a show of innocence. Watch his lips press together here as he moves from question to satisfaction. ("Who you callin' innocent?")
The whole shot is another example of that consummately professional not-quite-on-center look at the camera that Elijah gives us so often. Very expressive eyebrow acting throughout.
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