Air carrier First Officer reported receiving a low altitude from ATC after descent below glideslope. Flight crew executed a go around and diverted due to weather considerations.

Narrative

During our approach into ZZZ we executed a go around due to not being stable by 1000ft. We got to focused on weather near the field and were distracted trying to make a decision on if we were going to beat the storms in. Because of that distraction we ended up starting the approach high and fast. In trying to get down and slow down we found ourselves not configured for landing and below glideslope by 1000ft. ATC then called out a low altitude alert. so we immediately executed a go around to try the approach again. On our second attempt at the approach the storms had moved closer into the airport and had intensified. We were painting extreme precipitation on top of the field for the second attempt at which point we decided to just divert to ZZZ1 and wait out the storms. Landed in ZZZ1 without incident.Cause: 'Got fixated on the weather trying to make a decision that as pilot monitoring I failed to notice that we were high and fast. In turn not properly backing up my captain who was pilot flying.Suggestion: Need to remember to not fixate.