A PARAKEET, often referred to as a budgie, is a small, long-tailed, seed-eating parrot. They are popular pets due to their bright colors and ability to mimic human speech. The term 'PARAKEET' can refer to any one of many different species of parrots, but the most common PET PARAKEET is the budgerigar. Molting is the process of shedding old feathers and growing new ones. Parakeets molt several times a year, usually in the spring and fall.